An independent audit has found Cricket South Africa chief executive Gerald Majola and another official violated corporate law by secretly awarding themselves hefty bonuses, local media said Wednesday.
Accounting firm KPMG said Majola secretly got four separate bonuses totalling more than four million rand ($590,000, 415,000 euros) for the hosting of the Indian Premier League (IPL) and the International Cricket Council (ICC) Champions Trophy in 2009, according to media houses that obtained copies of the report.
"We find that Majola should have disclosed his interest in the IPL contract ... at the first board meeting and to CSA directors," said the report, according to The Times newspaper.
"This declaration should have been done in terms of ... (South Africa's) Companies Act. No such disclosure took place." KPMG found Majola and former CSA chief operating officer Don McIntosh "worked hand-in-hand and jointly calculated, determined and authorised the IPL bonuses without deferring to any other CSA official or body," said the report. "They consequently determined and calculated their own bonuses." Auditors said their interviews with CSA's remuneration committee revealed that committee members had no idea Majola had already received IPL and ICC bonuses when CSA awarded him separate annual bonuses at the end of the financial year.
Comments
Comments are closed for this article.