Moneyweb: Broadband Infraco a "feeding ground" for its own executives

lmfao!!!

No one should be surprised at ALL. Every company around the world, let alone SA is full of corruption. As I always say, no human alive or dead is a saint. This is why we need the anti-corruption agency or whatever they call themselves now to step in and do something about this.

Put a lid on Infraco, sell the company to Mweb or Cell-C the only companies that at least know how to hide their corruption from the public ;)
 
This is not corruption but rather tenderpreneurship. It actually translate to the fact that Infraco will not achieve the goals that it was set out to perform. Hence another Neotel in the making. Too much noise no action.
 
aside from the loltastic tenderpreneurship going on, you have to wonder how some of these guys can sit on multiple boards for multiple companies and actually do their jobs. I find it very unlikely.
 
synack said:
aside from the loltastic tenderpreneurship going on, you have to wonder how some of these guys can sit on multiple boards for multiple companies and actually do their jobs. I find it very unlikely.
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The main reason why most of our corporates are not functioning properly is because of the fact that one person is sitting on multiple boards and they don't actually even know what some of the companies do as core business.
 
The problem isn't not having rules, it's that they are not enforced. The ANC obviously don't want order else they wouldn't get away with all the corruption. The biggest crook of the lot, el Prezidente, started the trend by not declaring his interests in time. Heard on the radio the other day where he also excused another lot from not having declared their interests. Same with corporates, those rules are there to ensure the public is not being ripped off by board members giving tenders to their own companies/family etc. Well, we all know how many businesses the prez's (very) extended brood has accumulated in the last couple of years now don't we?

Also, Nyanda was allowed to fatten his own companies while doing absolute ****-all for comms in this country, and look where did he end up - promoted to aid his struggle-buddy in parliament. It's so well entrenched in the public sector there's even a name for it - tenderpreneur - and the private sector isn't exempt. Like they say 'only in Afirca' but it's a never-ending circle of narcissistic self-enrichment among the ruling party while surprise-buttsexing the taxpayer. It's also not unique, just look at the countries north of our borders.

The public protector is useless, the national prosecuting authority are all political appointees and nobody else seems willing/capable of taking on these thieves so the problem grows. The biggest joke is how these okes waffle about moral regeneration etc. when its obvious they have and never had none. The Deloitte report does not come as a surprise, its happening everywhere, spreading like cancer, and is a direct result of a corrupt ruling party.
 
evilstebunny said:
The problem isn't not having rules, it's that they are not enforced. The ANC obviously don't want order else they wouldn't get away with all the corruption. The biggest crook of the lot, el Prezidente, started the trend by not declaring his interests in time. Heard on the radio the other day where he also excused another lot from not having declared their interests. Same with corporates, those rules are there to ensure the public is not being ripped off by board members giving tenders to their own companies/family etc. Well, we all know how many businesses the prez's (very) extended brood has accumulated in the last couple of years now don't we?

Also, Nyanda was allowed to fatten his own companies while doing absolute ****-all for comms in this country, and look where did he end up - promoted to aid his struggle-buddy in parliament. It's so well entrenched in the public sector there's even a name for it - tenderpreneur - and the private sector isn't exempt. Like they say 'only in Afirca' but it's a never-ending circle of narcissistic self-enrichment among the ruling party while surprise-buttsexing the taxpayer. It's also not unique, just look at the countries north of our borders.

The public protector is useless, the national prosecuting authority are all political appointees and nobody else seems willing/capable of taking on these thieves so the problem grows. The biggest joke is how these okes waffle about moral regeneration etc. when its obvious they have and never had none. The Deloitte report does not come as a surprise, its happening everywhere, spreading like cancer, and is a direct result of a corrupt ruling party.
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Well said!
 
The title is "feeding ground for its own executives" and then goes on to list only non-executives who sit on the board, and who are not involved in the day-to-day running and decision making in the company. This article doesn't expose corruption at Infraco, it exposes how every major business in the country goes about it's business of oversight and corporate governance. Board members typically sit on many different companies and have diverse interests in many different companies. It does not preclude these companies doing business with each other. By the standards of this article, almost every senior board member of every JSE company must by definition be corrupt.

This is woeful reporting from MoneyWeb. The kind of sloppiness the ANC will use as an excuse for imposing a Media Tribunal on us.
 
Follow up to this story here ..

http://mybroadband.co.za/news/business/18201-Minister-reacts-Broadband-Infraco-story.html

Minister reacts? That's not reacting .. that's barely the equivalent of the lifting of an eyebrow by a disinterested cat lying lazily in the sun after gorging itself on left-over Sunday roast.

Rome is burning while Nero considers considering the assessment of the situation, appropriate action might or might not be taken after the report may or may not arrive after he may or may not have requested the report. Useless information from a useless puppet is an understatement.
 
Closer to home

Whilst you rave on ......

Lets not forget the late great cellular emperors family.

Clowns n all

All the critters at the feeding trough are not ONLY black :(
 
Official comment from Deloitte

Official comment from Deloitte

As a professional services firm, Deloitte conducts internal audits for clients as part of a range of services we offer clients. These audits are always conducted on the basis of client confidentiality. In fact, it is a contravention of our profession’s Code of Professional Conduct to provide any comment on a confidential report to a third party, including the media.

Deloitte would like to state that we were not contacted for comment prior to Moneyweb publishing the article and did not disseminate the report to Moneyweb.
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