Johannesburg, South Africa — MININGREVIEW.COM — 05 August 2010 – Wesizwe Platinum CEO Mike Solomon has been cleared by his board over various allegations following forensic investigations by independent auditors Deloitte & Touche and legal firm Deneys Reitz.
The finding of the review was that, “there was no evidence of fraud, material financial loss, theft or a material breach of fiduciary duty on the part of the Company’s chief executive officer, Michael Solomon.”
Despite this, Solomon is sticking to his decision announced in November to step down when his contract ends on September 30. He will be replaced by current finance director Arthur Mashiatshidi, but will remain a non-executive director and will continue to consult to Wesizwe for a further six months.
Miningmx reports that Solomon’s decision to step down comes at a critical juncture for Wesizwe, which is in the process of nailing down the contractual nuts and bolts of the agreement struck in May to sell 51% of the company to a consortium of Chinese investors for R6.6 billion.
Wesizwe chairperson Dawn Mokhobo told a media briefing in Johannesburg that Wesizwe’s top management would leave for China on Sunday to update the Chinese consortium on the latest developments.
Mashiatshidi stressed that this meeting was one of a number that had been scheduled to complete the contractual process, following the signing of the term sheet which had settled the commercial terms for the deal. He said he “hoped” to have everything concluded by the end of the year.