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SUSPENSION OF EXECUTIVE CHAIRMAN PENDING A DISCIPLINARY ENQUIRY

HCI regrets to announce its decision to suspend the services of its executive chairman, Marcel Golding, as an employee pending a disciplinary enquiry into certain allegations of gross misconduct by him. The alleged misconduct in question was, after deliberation by a special sub-committee mandated by the HCI Board, comprising its lead independent non-executive director and the chairpersons of HCI’s Audit Committee and Social and Ethics sub-committees, found to be of a very serious nature warranting
disciplinary action.

Disciplinary proceedings have been instituted and the process is scheduled to proceed on Monday 27 October 2014.

In the interim however, Mr Golding, has responded to the process by launching proceedings to uplift his suspension and to stay the disciplinary enquiry and to seek other relief.

While HCI respects the right of its employees to take whatever legal steps they deem appropriate in their own defense, HCI will take such steps as are necessary to protect its interests.

HCI intends opposing the said application.