MARC HASENFUSS: The difficulty in retrieving Brett Kebble’s lost treasure
Randgold wants its shares back, along with $144m in dividends
With BHP predictably lighting a fire under Anglo American, the local resource sector is again alive with possibility. So it seems slightly vindictive for this column to revisit the local mining industry’s rotten past. But until the ghosts of Brett Kebble’s complicated corporate tinkering are completely exorcised, there won’t be peace ... at least not for long-suffering shareholders in Randgold & Exploration Company.
Randgold held its AGM on Monday, and it seems there has been some tangible progress in the company finally getting its day in court to present a huge claim dating back 20 years. For those who need reminding, back in 2004 Kebble, then the CEO of Western Areas, and his cohorts unlawfully disposed of 22-million shares in London-listed Randgold Resources that were held in Randgold Exploration. These shares were purportedly used to finance Western Areas’ joint venture with Placer Dome, repay Investec loans and to back up a JCI rights issue at Western Areas, now par...
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