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KEL
KEL
KEL - Kelly Group Limited - Joint statement in the private arbitration held at
Sandton
KELLY GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1999/026249/06)
ISIN: ZAE000093373
Share Code: KEL
("Kelly Group" or "the company")
JOINT STATEMENT IN THE PRIVATE ARBITRATION HELD AT SANDTON
In the matter between:
THE KELLY GROUP The Company
and
MTHUNZI PERRY-MASON MDWABA The Employee
1. Mr Mdwaba joined the Kelly Group in October 2008 pursuant to a sale of the
business in which he was a principal shareholder (Torque IT). Since his
commencement with the company, he has been a member of its board of
directors and its deputy chief executive officer.
2. Mr Mdwaba confirms that the company strives to be a world class employer
and has codes of conduct in accordance with good corporate governance.
3. The Kelly Group confirms that it remains a leading BBBEE rated level two
contributor on the JSE.
4. In August 2010 the board of directors, after considering the information at
hand, namely judgments against him and the alleged non-disclosure thereof
and reputational risks flowing therefrom decided to remove Mr Mdwaba from
the board and to suspend him as an employee. His suspension was
subsequently lifted. According to Mr Mdwaba he has subsequently settled his
debts and/or made arrangements with his creditors.
5. As a consequence of the rift that developed between Mr Mdwaba and the
board, Mr Mdwaba recognizes that there is no reasonable prospect to
continue as an employee of the Company and has come to an agreement with
the Company.
6. Over the last three months, the Company has been the subject of comments in
the press that have questioned the integrity of the organization and its
leadership. Mr Mdwaba confirms that none of these adverse statements were
made by him and that he firmly disassociates himself from them.
7. The settlement agreement is considered by both sides to be a highly
satisfactory resolution of the dispute between them.
8. Both Mr Mdwaba and the Company reaffirm that the content of the settlement
agreement remains confidential.
9. No further press statements of and concerning this matter may be released
by either party.
10. The Company wishes Mr Mdwaba all the best with his future endeavours.
Sandton
08 November 2010
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 08/11/2010 07:15:11 Produced by the JSE SENS Department.
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