https://www.miningweekly.com

Afarak shareholders seek board’s dismissal

9th November 2017

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

     

Font size: - +

JOHANNESBURG (miningweekly.com) – A group of Afarak shareholders, representing 10.86% of shares and voting rights, has asked to convene an extraordinary meeting of shareholders, where it will seek to dismiss the board, the LSE-listed miner said on Thursday.

The meeting would further seek to address a number of issues, including a proposal to perform a special audit relating to Afarak’s administration and accounting for the financial years January 1 to December 31, 2015, January 1 to December 31, 2016, as well as for the financial year beginning January 1 until October 31, 2017.

“The special audit should investigate the activity of Afarak and its administration, as well as the legitimacy of the mentioned activity, in particular regarding and taking into account all business and legal actions between the company and its main shareholder Danko Koncar and his controlled corporations and other related parties,” the shareholders relayed in a letter.

Further, the shareholders would call for the election of a new board, independent of Croatian millionaire Koncar.

Finnish media earlier this week reported that documents known as the Paradise Papers have revealed that Koncar, who has a stated interest of 27% in Afarak, purportedly controls around 70% of the shares.

Further, Koncar allegedly gave millions of bonds to his nearest family to buy Afarak shares. The papers also state that Koncar had allegedly engaged in insider trading, while he was also engaged in a number of tax havens.

Afarak’s current board said it would discuss the received letter of request in the manner provided by the Finnish Companies Act.

The miner owns and operates the Stellite and Mecklenburg mines, as well as the Mogale processing plant in South Africa.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Latest News

Magazine video image
Magazine round up | 29 March 2024
29th March 2024

Showroom

John Deere (Pty) Ltd
John Deere (Pty) Ltd

In 1958 John Deere Construction made its first introduction to the industry with their model 64 bulldozer.

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.109 0.146s - 92pq - 2rq
Subscribe Now