Business 11.8.2016 02:42 pm

Eastplats confirms probe into Crocodile Mine deal

Picture: Thinkstock

Picture: Thinkstock

A statement on Thursday from the mining company said the new management were reviewing all related transactions.

Eastern Platinum on Thursday confirmed that a transaction announced by the company’s former management regarding the sale of the Crocodile River Mine was being investigated.

The management team was overthrown in early July by dissident shareholders a day after announcing the transaction. Another day later the new management found that the acquisition had been completed and the amount of approximately US$13 366 609 had been paid out.

A statement on Thursday from the mining company that is listed in Toronto and Johannesburg said the new management were reviewing all related transactions and would update shareholders in due course.

In a separate filing on Thursday, KA AN Development Company, the Hong Kong-based investor that lead the boardroom coup, announced that it had built its shareholding in Eastplats to almost 25%.

KA AN said it had paid Harrington Global Opportunities Fund $9.5 million on August 5 for a block of shares that took its shareholding of 13.79% in Eastplats to 23.89%.

Also on Thursday, Eastplats said Diana Hu, an executive with more than 20 years’ experience in the global mining and metals industry, had been appointed chief executive officer. The board thanked Peter Clausi for his contribution as interim chief executive.

– African News Agency (ANA)

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