Gerald Majola 'lied' - audit

2011-08-03 10:16
Gerald Majola (Gallo)
Johannesburg - A forensic audit report indicates that Cricket SA (CSA) chief executive Gerald Majola allegedly lied to the federation's board about receiving bonus payments, The Star reported on Wednesday.

According to the newspaper, the audit conducted by KPMG apparently found that Majola had breached the Companies Act in four instances.

Majola and former CSA chief operations officer Don McIntosh had "worked hand in hand and jointly calculated, determined and authorised Indian Premier League bonuses without referring to any other CSA official or body", the report said.

"They consequently ... calculated their own bonuses."

Majola received R4.15 million in bonus payments, according to the report, between May 2009 and May 2010, amounting to more than twice his annual salary.

CSA said in a statement at the weekend it had accepted the findings of the KPMG report and would seek legal advice.

"There is possible irregular conduct with respect to the Companies' Act and the fiduciary duties of directors," the federation said.

Read more on:    csa  |  gerald majola


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