Gold fields board acted ‘within law’

2013-09-06 13:35

Gold Fields’ board of directors did not break the law in relation to a controversial 2010 black economic empowerment (BEE) deal.

“The Gold Fields board of directors acted deliberately and appropriately and in full compliance with the law,” chairperson Cheryl Carolus said in a statement today.

“The board does not discuss the advice of counsel and internal privileged discussions of the board,” she said.

The Mail & Guardian today reported the mining house failed to act on the recommendations of a US law firm that it should report alleged irregularities to the authorities.

Gold Fields appointed the law firm to probe the deal and provide a report to its board of directors.

The probe found shares valued around R25 million were allocated to Baleke Mbete, who is chairwoman of the African National Congress.

In 2010, the deal was hatched in response to a mineral resources department requirement that the company secure an empowerment partner for its South Deep mine. The company was then applying for a new-order licence for the mine.

Part of the R1.2 billion consortium towards this end was Invictus Gold, which included a number of highly connected people, among them Mbete and President Jacob Zuma’s former lawyer Jerome Brauns, who helped arrange the consortium, the paper reported.

Join the conversation! encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions. publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Inside News24

Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.