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  • knightslk knightslk Mar 14, 2003 11:22 AM Flag

    Article about DRD...........

    Posted: 2003/03/13 Thu 20:00 | � Mineweb 1997-2003

    JOHANNESBURG - Paul Eloff, spouse of former Durban Roodepoort Deep (DRD) secretary and whistleblower Maryna Eloff, confirmed his wife had written a damning letter to the Johannesburg Stock Exchange (JSE) levelling allegations of unspecified illegalities, spying and insider trading against DRD executive chairman Mark Wellesley Wood.
    In an interview with Mineweb, Eloff said: �That letter was written and signed by my wife, I can absolutely authenticate it.� He said his wife was �stressed and distraught� and would be unavailable for comment until they had returned from a two-week break.

    In a letter written to Wellesley Wood and copied to Russell Loubser, president of the JSE, Eloff claims Wellesley-Wood used illegal means to compile a comprehensive dossier or her banks accounts, tax affairs and her �most personal and private information�.

    Eloff also accused Wellesley Wood of orchestrating an elaborate spying campaign against her and her family, aimed at preventing the leakage of confidential information to the rival Kebble family, DRD�s opponents in a litany of bitter legal battles.

    In her letter, Eloff outlined an alleged breach of corporate governance by Wellesley Wood and other directors, who had allegedly traded their own shares ahead of the release of potentially damaging operational information. �The mere fact that directors are trading shares at this time may be called into question, given the context in which they have taken place,� said Eloff in her letter. She also said they had issued share options to certain non-executives to keep them �on-side�.

    DRD confirmed it had received a letter of resignation from Eloff and that the letter contained a number of serious allegations which were "untrue". "Of considerable concern to the company is an acknowledgement by Brett Kebble (chief executive of JCI Ltd) in a radio interview this evening that there has been recent contact between Ms Eloff and investigators working on behalf of him and his father, Roger Kebble," DRD said in an official statement. The company said it would start an investigation into Eloff's activities: "In the meantime, the company has nothing further to say".


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