Publications
Partners
Johannesburg - The outcome of the long-awaited investigation into Cricket South Africa's (CSA) financial affairs will be revealed on Saturday.
The federation said in a statement on Friday that only one matter would be on the agenda of the special board meeting.
"The following items are on the agenda: approval of the annual financial statements of CSA," the cricket body said.
The board was set to discuss the findings and recommendations of accountancy firm KPMG who were asked to conduct a forensic audit into the Section 21 company, two years after unofficial bonuses were paid to the cricket body's chief executive, Gerald Majola, and 40 members of staff for the hosting of the Indian Premier League (IPL) and Champions Trophy tournaments in 2009.
It was hoped the findings will bring to an end the controversy surrounding Majola and senior members of CSA staff, who were awarded R4.7 million in addition to the extraordinary bonuses paid to them by CSA at the end of the 2009/2010 financial year.
Majola had not disclosed the R1.7 million he received from the IPL and ICC when CSA, with the approval of the remuneration committee Remco, awarded him a bonus of eight times his monthly salary for the successful hosting of the 2009 IPL.
When the unofficial bonuses came to light, CSA president Mtutuzeli Nyoka repeatedly called for an external investigation into the body's financial affairs.
CSA's own auditors, Deloitte, also strongly advised an independent enquiry but the board opted for an internal review and Majola received a slap on the wrist for not following procedure and was told to make sure all future bonus payments were cleared by Remco.
Nyoka, though, continued to raise his concerns about financial irregularities and, as a result, was ousted by CSA's board in February.
He took the matter to the South Gauteng High Court and CSA were ordered to reinstate him with immediate effect.
Nyoka also claimed R68 million had gone missing from a CSA bank account but the federation said the money had been held on behalf of the Board of Control for Cricket in India as running costs of the 2009 IPL.
It was revealed in June, after CSA had ordered the audit, that three members of staff, including Majola, had awarded themselves R1.9 million in bonuses without revealing the full figures to the federation's board.
