- October 26, 2017
- Posted by: admin
- Category: General
The investment group says it aims to be an exemplary corporate citizen but it is not always that, writes Ann Crotty. HCI’s recently released 2017 integrated annual report contains a long letter to shareholders from Chairman Johnny Copelyn in which he outlines the company’s impressive achievements over the past 20 years.
Perhaps next year’s annual report will provide an insight into the recent bizarre battle with the competition authorities over whether or not HCI was obliged to get approval for the proposed restructuring of the gaming assets held by two subsidiaries, Niveus and Tsogo Sun. The 2018 annual report may explain why HCI waited seven months before it decided to discuss the deal with the competition authorities. In December 2016 Tsogo Sun and Niveus shareholders had been informed of plans to sell Niveus’s gaming operations to Tsogo Sun. At that stage no mention was made of the competition authorities. For reasons that are not entirely clear, in July 2017 HCI sought an advisory opinion from the commission on whether or not the deal had to be notified. Having waited seven long months HCI sought a speedy response from the commission.Is HCI an exemplary corporate citizen?