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NEWS BRIEFING: HCI TO GET LEGAL PROTECTION

Hosken Consolidated Investments (HCI) would take legal steps to protect its interests, director Andre van der Veen said yesterday, responding to articles in Business Report based on a letter from the Mpumalanga Gaming Board. The letter said an HCI application to acquire 50 percent of Fabcos Investment Holding had been refused because the firm had misrepresented important information. Van der Veen said it was impossible for HCI to defend itself because the gaming board had not stated the facts that led it to conclude against HCI. “HCI… must either debate the merits… in the press without even having certainty of the case or be damned by its silence.” HCI was confident that a court would find that defence minister Mosiuoa Lekota held 1000 shares until the matter was drawn to his attention, whereupon he disposed of them, an inadequate reason for debarring HCI’s application.

Source: Business Report