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Bloodbath at Hwange as Nicholas Van Hoogstraten jets in

by Mandla Ndlovu
03 Dec 2018 at 07:08hrs | Views
The battle against the reconstruction of Hwange colliery has taken another twist as the second largest shareholder Nichola Van Hoogstraten has landed in the country and is set to appear before the Parliamentary Committee on Mines and Mining Development on Monday.

Van Hoogstraten is against the placing of Hwange Colliery under reconstruction.

Last week the Chairperson of the portfolio committee Temba Mliswa said, On another note I received a call van Hoogstraten who said he had come all the way from London to appear before us. I subsequently advised him to come before us next Monday at 09:00hrs. Please note accordingly.

A source close to the happenings said, "We are going to see an interesting and  bruising battle. This battle is going to uncover a lot of hidden characters who had been milking Hwange Colliery. Van Hoogstraten is aware of it and probably is not happy about it because it has been costing the company a lot of money.  Every body who knows Van Hoogstraten knows he is a mana who is after profit. Its common knowledge that he is no stranger to boardroom coups and boardroom wars and boardroom bloodbath. We might see quite a lot of shocking information which he will reveal. He will go all out to defend his shareholding and its highly likely that he will emerge as the winner during this process."

Last month JSE suspended Hwange Colliery, a week after the Zimbabwean miner was placed under administration.

On October 29, the Zimbabwean government - which owns 36% of Hwange - published a government gazette notice saying the mine had been placed under administration.

Zimbabwe Stock Exchange acting CE Martin Matanda told the media that he was surprised the bourse had not been informed about the mine's management changes and the decision to place the mine under administration.

"For a company that is listed on the stock exchange, there are some things that the company or its shareholders cannot just do without informing us," Matanda said.

Hwange's interim results, published in September, warned "the company is experiencing matters that may cast significant doubt on its ability to continue as a going concern".

Source - Byo24News