Golding: I was forced to resign

Marcel Golding says he will in due course bring a claim of unfair dismissal.

Marcel Golding. Picture:Gallo Images/Financial Mail/Jeremy Glyn.

CAPE TOWN - Marcel Golding says he was forced to resign as chief executive of eTV after a breakdown with the board of its holding company.

Golding was also the executive chairperson of holding company Hosken Consolidated Investments (HCI).

HCI had suspended Golding for buying R24 million worth of shares in electronics company Ellies apparently without board approval.

In a message to eTV employees, Golding denies the charges against him.

He says he's of the view that the manner in which HCI intended to conduct his disciplinary hearing has made his employment relationship with the company intolerable.

Golding claims the relationship of confidence and trust between himself and the HCI board has broken down due to the manner in which the board conducted itself.

He says under the circumstances, he's been forced to resign.

He says he will in due course bring a claim of unfair dismissal.

Last week, Golding brought forward an urgent application to stop a disciplinary hearing against him for apparently buying shares without board authorisation.

But that application was dismissed by Labour Court Judge Anton Steenkamp earlier today.

While handing down his ruling, Steenkamp spent some time interrogating the various employers of Golding.

In his urgent application, Golding claimed HCI had no right to suspend him because he has no formal written contract with the company.

But Steenkamp countered Golding was being paid more than R480,000 a month by HCI.

Steenkamp also questioned whether the application could be called urgent if took Golding nine days from the time he was informed about his disciplinary hearing to approach the court.