OTCPK:KATFF - Post by User
Post by
topdopon Jun 21, 2018 11:54am
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Post# 28205993
COO was probably sacked...
COO was probably sacked...
The COO "resignation" PR of 2 days ago was surprisingly stark in its script and contrary to normal course decorum one would expect in these matters.
...No thanking the executive for all his work...
...No saying he's choosing to spend more time at home with his family...
...No wishing him well in his future endeavors...
I am speculating that KAT chief operating officer ("COO") Deon Garbers, "tendered his resignation" under pressure from Glencore (he was FIRED) as a result of ongoing OSC investigations of KAT surrounding the snaffus that happened that required KAT to restate 2017 Q2 results held up throughout the second half of last year by actions of Independent Directors.
It was widely reported at that time that the OSC was "investigating whether Katanga's previously filed financial statements were materially misleading.
As well "The OSC is also looking into the conduct of certain unnamed directors and officers".
In November 2017, three Glencore executives resigned from the KAT board after an internal review found "material weaknesses" in financial reporting controls, amid the OSC probe.*
* Neither the OSC and/or KAT have commented as to the status of rhe ongoing OSC investigations.
I speculate Mr. Garbers is (was) part of KAT's problem and was sacked but allowed to stay with the company to allow them time to replace him (sensible) and in settlement for him not admitting fault (= keep quiet, dude), he gets fully paid out as he "resigned".
These are my views only. Thanks for reading.