(COMTEX) B: Kebble Camp to Attempt DRD Coup
B: Kebble Camp to Attempt DRD Coup
Mar 05, 2002 (Miningweb/All Africa Global Media via COMTEX) -- The turmoil at
Durban Roodepoort Deep [NASDAQ:DROOY] is to reach a crescendo later this morning
with Grant Fischer, a non-executive director and supporter of Roger Kebble,
attempting to force his chairman, Mark Wellesley-Wood, from the board. However,
Miningweb understands that Fischer's attempts will be in vain as all directors
have to be in agreement before the chairman can be toppled. Fischer is a
director of Rand Leases, a company owned by Roger Kebble.
A company source said at least three directors ? Ian Murray, Rob Hume and David
Baker ? were in support of Wellesley-Wood. "This plays into our hands exactly as
it shows that the core of DRD is no longer allied with the Kebble family," one
source said. More details are likely later this afternoon. Wellesley-Wood, who
will be attending the meeting remotely, declined to comment on the matter when
questioned by Miningweb.
These dramatic developments follow a hectic few days in the life of Durban
Roodepoort Deep (DRD), starting with the exile of Wellesley-Wood to the UK.
Apparently, Wellesley-Wood fell foul of South African immigration laws and
procedures culminating in the UK-born banker being barred from re-entering South
Africa after a visit to Britain.
Observers believe this was the work of Kebble, who worked to turn uncertainty in
Wellesley-Wood's business visa papers against him. Wellesley-Wood struck back
yesterday, suspending Kebble's executive powers on the DRD board pending the
outcome of an inquiry into suspect share transactions in respect of Rawas, an
Indonesian gold mine DRD bought several years ago.
The make-or-break board meeting today is the culmination of many months of
internecine activities between supporters and enemies of Mark Wellesley-Wood and
Roger Kebble. Last year, Wellesley-Wood had several executives sympathetic to
Kebble removed from the board including Ferdi Lips, a non-executive director,
and Vic Hoops, who remains DRD's human resources manager. Frans Weidermann
resigned on February 28, anticipating that the rift between Wellesley-Wood and
Kebble would explode sooner or later.
Miningweb will be updating this story shortly.
Miningweb will be updating this story shortly.
by David Mckay
Copyright Miningweb. Distributed by All Africa Global Media(AllAfrica.com)
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KEYWORD: South Africa
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