Want to make a quick buck? Forget about investing in property or government bonds. Try bagging a job at one of our cash-strapped parastatals instead.
Former SABC CEO Solly Mokoetle, who resigned from his job on Wednesday, is rumoured to have received a golden handshake of R30-million. SABC board member Cedric Gina has, however, denied the rumour saying, "I can say without any fear, it is not a [golden] handshake". Whatever the truth, we know he won't leave empty handed.
Mokoetle was appointed to the top position in December 2009 and, if rumours are to be believed, received R2.30-million per month. President Jacob Zuma currently earns R2.4-million per year.
Former SABC CEO Dali Mpofu didn't walk away empty-handed either. No sir — the qualified lawyer managed to pocket around R11-million from the state-owned company after he challenged his suspension. Not bad, especially considering that the company received a R780-million government bailout in 2009, the last year of his reign.
Former SAA CEO Khaya Ngqula settled for R8-million in 2009; former Denel CEO Victor Moche was satisfied with his R3-million in 2005; while Land Bank CEO Alan Mukoki received a R4.5-million paycheck after he quit in 2007 amid fraud allegations.
But it is former Eskom CEO Jacob Maroga's whopping R85-million claim that takes the cake. The embattled CEO has sued the power producer for the early dismissal of his contract. His salary of R5-million as head of the parastatal was twice that of President Jacob Zuma and three times that of then Public Enterprises Minister Barbara Hogan.
The government has jumped to the rescue of most of these parastatals, to the tune of R243.2-billion, over the past four years. Meanwhile, settlements for departing CEOs have amounted to about R262-million over the past decade. R262-million could have built more than 3000 RDP houses.
The seemingly never-ending cycle of massive payouts for underperforming CEOs has become a very costly and, quite frankly, very tiring routine. It really is sickening for the ordinary taxpayer to see large wads of our hard-earned cash being handed over to underperforming fat cats, and it's a total insult to the struggling masses of the country.
http://business.iafrica.com/features/699986.html
As someone said..."pigs at the trough".
When if ever are the people that have been entrusted with running the various corporations/parastatals ever going to be held accountable?:
Former SABC CEO Solly Mokoetle, who resigned from his job on Wednesday, is rumoured to have received a golden handshake of R30-million. SABC board member Cedric Gina has, however, denied the rumour saying, "I can say without any fear, it is not a [golden] handshake". Whatever the truth, we know he won't leave empty handed.
Mokoetle was appointed to the top position in December 2009 and, if rumours are to be believed, received R2.30-million per month. President Jacob Zuma currently earns R2.4-million per year.
Former SABC CEO Dali Mpofu didn't walk away empty-handed either. No sir — the qualified lawyer managed to pocket around R11-million from the state-owned company after he challenged his suspension. Not bad, especially considering that the company received a R780-million government bailout in 2009, the last year of his reign.
Former SAA CEO Khaya Ngqula settled for R8-million in 2009; former Denel CEO Victor Moche was satisfied with his R3-million in 2005; while Land Bank CEO Alan Mukoki received a R4.5-million paycheck after he quit in 2007 amid fraud allegations.
But it is former Eskom CEO Jacob Maroga's whopping R85-million claim that takes the cake. The embattled CEO has sued the power producer for the early dismissal of his contract. His salary of R5-million as head of the parastatal was twice that of President Jacob Zuma and three times that of then Public Enterprises Minister Barbara Hogan.
The government has jumped to the rescue of most of these parastatals, to the tune of R243.2-billion, over the past four years. Meanwhile, settlements for departing CEOs have amounted to about R262-million over the past decade. R262-million could have built more than 3000 RDP houses.
The seemingly never-ending cycle of massive payouts for underperforming CEOs has become a very costly and, quite frankly, very tiring routine. It really is sickening for the ordinary taxpayer to see large wads of our hard-earned cash being handed over to underperforming fat cats, and it's a total insult to the struggling masses of the country.
http://business.iafrica.com/features/699986.html
As someone said..."pigs at the trough".
When if ever are the people that have been entrusted with running the various corporations/parastatals ever going to be held accountable?:
