[miningmx.com] – AFRICAN Minerals was seeking ways to reduce the power of its executive chairman, Frank Timis, said Bloomberg News citing Roger Liddell, an independent non-executive director of the UK-listed iron ore producer.
Responding to a shareholder at the firm’s annual general meeting who suggested Timis should relinquish his chairmanship, Liddell said: “Your opinion is in line with the thinking of the directors of the company and obviously dialogue with Frank’.
Timis was investigated by the African Minerals board last month following the payment of $50m to a company associated to a former board member, Dermot Coughlan. It is thought Timis could be made an executive director.
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