SANLAM TAKES THE CAKE
Shortly before publication, we received the following letter:
Sadly, one of our employees, Mr Elliott Nojiyeza, has been boarded by the state hospital after being employed by us for only 18 months – from May 2008 to July 2009. As his pension contributions (7% employee and 7% company) to the Sanlam pension scheme over that short period total only R8300, the agent advised me that Sanlam will make a “one-time” payout as they don’t want these small amounts tied-up in policies with small monthly pay-outs. OK.
But now, surprise, surprise, I have received the reconciliation from Sanlam, indicating they will pay him just R6005.68 – which by my calculation is R2295 less than the capital amount contributed! Sanlam’s “explanation”: “A charge of R1974.28 has been taken into account”. A charge for what? Don’t ask: a charge!
Anyway, by my reckoning, that leaves a missing balance of R320 which remains to be “taken into account”, if not actually explained.
Not only have they paid him no interest, they’ve managed to lose more than a quarter of Elliott’s capital in just 18 months!
Perhaps they’re assuming the average Sanlam client won’t notice the discrepancy?
I have checked the list of Sanlam directors but cannot find the name “Shylock”. Whoever the directors are, may they choke on their caviar.
Having read that, now read our lead story. You’ll get the drift. – Editor
revealed how they preyed on the dying. Now, finally, the law has caught up with them – thanks to our investigation. “Reverends” Les Harris and Neville de Witt and Neville’s son Gary de Witt were arrested on 5 August, and charged with 80 counts of fraud and forgery. The three ran Durban’s Dream Centre HIV/AIDS hospice. In the process, it is now alleged, they defrauded the KwaZulu Natal Department of Health of at least R6.6m. The figure was provided to the Durban Commercial Crime Unit’s detectives by the forensic division of auditors PricewaterhouseCooper, who were unleashed onto the Dream Centre following our detailed expose in April. At the auditors’ request, we were happy to supply them with copies of the documents we had unearthed in the course of our investigation.
The provincial Department of Housing then stepped in to halt the sale of the building it had loaned the reverends for the hospice. Deprived of the hoped-for proceeds of the sale, the three men now accused of fraud were unable to fund their planned emigration to Canada.
It remains to be seen whether any of the reverends’ friends in the Department of Health will be joining them in the dock. Or might the case against those already charged be deemed enough to appease donors, such as The Global Fund, whose money was schemed away?
THE EGO HAS LANDED
Mr Nose has arrived in a state of high excitement and demanded space on this page. Why? He’s just found the amazing Mervyn E King SC website! It includes the most extensive CV known to man – with only one serious omission: no mention of his regular appearances in noseweek.
Here’s but an edited extract:
Appointments and fellowships: Prof Extraordinaire at Unisa in the College of Economic and Management Sciences, with a focus on corporate citizenship; president of the Advertising Standards Authority of SA and Chair of its Appeals Committee; Chair of the Exec Committee of the SA Council of the Intl Chamber of Commerce; First VP of the Institute of Directors, Southern Africa; Fellow of the Inst of Directors in Southern Africa; Fellow of The Royal Society for the encouragement of Arts, Manufacture & Commerce, UK; Mbr of the Intnl Advisory Board of Stern Stewart of America; Pres of GreaterGood SA; Co deputy Chair of the Securities Regulation Panel which regulates mergers and acquisitions in SA; Director of the Advisory Board of the SA Savings Inst; Chair of the Walter Sisulu Paediatric Cardiac Centre for Africa.
Corporate Appointments: Chair of Brait Societe Anonyme, Luxembourg, being the holding company of the largest private equity business in Africa listed on the Luxembourg, London and Jhb stock exchanges; Chair Share Transactions Totally Electronic (STRATE); Dir JD Group Limited and Chair of its Audit Com.
Corporate Governance: Chair and Mbr of the UN Steering Committee of eminent persons to review the governance and oversight within the UN, its funds, programmes and specialised agencies; Chair of the King Committee on Corporate Governance in SA, which has published the King I and King II Reports on Corporate Governance in SA; Mbr of the Pvt Sector Advisory Group of the World Bank on Corporate Governance; Mbr of the Advisory Boards of the Central European Corporate Governance Association and Tomorrow’s Company UK; Chair of the Asian Centre for Corporate Governance; Past Pres of the Commonwealth Association of Corporate Governance, which published principles of governance for the 54 countries in the Commonwealth; author of “The Corporate Citizen”; Mbr of the Intl Advisory Board of Tomorrow’s Company, UK; Chair of the Global Reporting Initiative; Former Governor of the International Corporate Governance Network; Mbr of the IOD/KPMG Audit Committee Forum; Mbr of the Steering Committee of the Independent Directors’ Forum; Adviser to the Mauritian Corporate Governance Committee; Trustee of the Dubai Ethics & Resource Centre, which is developing corporate governance for the UAE; Mbr of the Advisory Committee for Stellenbosch University’s Unit on Corporate Governance in Africa.
Go to www.mervynking.co.za/pages/cv.htm for pages more. Is our Merv the real Superman? Selling the use of his brand name for a royalty fee? Or simply the biggest ego that ever landed?
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