JOHANNESBURG (miningweekly.com) Platinum junior Wesizwe Platinum had contracted Deloitte and Deneys Reitz to investigate allegations against two of its directors.

Newly elected Wesizwe chairperson Dawn Mokhobo said that the investigation would serve as an expansion of a review initiated by the company's previous board.

"Deloitte and Deneys Reitz have been asked to continue and finalise the review in order to allay fears that these issues are being swept under the carpet."

Mokhobo said that the allegations that have been made, and were still being made, against reappointed CEO Michael Solomon and director Robert Rainey about past corporate governance misdemeanours were yet to be unsubstantiated.

The extended review and investigations would provide the affected directors an opportunity to respond to any allegations made. The board would take the appropriate actions once the results of the investigations were issued.

In line with the King III code, Wesizwe had reconstituted its board committees to include a majority of nonexecutive and independent directors.

In addition to this, the board had established the chairperson's oversight committee, which would provide for a more hands-on approach by the board in the running of the company's business.

Mokhobo said that the new board decided not to renew certain executive contracts that were about to expire and would soon appoint a new financial director.

She noted that Wesizwe was being cautionary with respect to potential transactions and that the board had mandated the CEO to pursue those opportunities.

In the interim, the restructuring of the company would be driven by the outcome of the current negotiations.

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