Stuart Lowman’s Inbox: “White collar crime also pays”

In response to David Lipschitz’s view on corruption in SOEs, community member Nick Najbicz concludes ‘white collar crime also pays’:

Whilst one cannot argue against the point David makes – that those who indulge in corruption in SOEs are treated with ‘kid gloves’, one could counter that similar soft treatment can be observed in private companies.

The most obvious is Tongaat Hulett where under the watch of CEO Peter Staude, valuations of assets were inflated by obscene amounts in order to create the false impression of the value improvement the directors were creating in that company for its shareholders. This action had a direct consequence: to boost bonus packages for executives which very directly explains the reason for such “shenanigans”.

Thus far, in my research, I can find no indication of action being taken against Staude and his co-conspirators, to, at the very least pursue criminal action to recover the bonus packages arising from those ill conceived activities.

Now what course of action was chosen – the most profitable element in the Tongaat Hulett stable – the starches division was sold to Barloworld in an effort to reduce Tongaat Hulett’s unmanageable debt burden. A really bad result for shareholders.

My conclusion is thus: “white collar crime pays”. I sincerely hope that my observations will be proven incorrect.

Errol Horwitz has contributed to the BizNews.com platform previously. He had the following to say after watching the Rob Hersov Q&A on YouTube:

Rob Hersov is to be commended on his comments about the state of South Africa. What is surprising, however, is the messianic fervor it caused when it dropped into email in-boxes, and forwarded with an implied admonition to friends and family not to tell anyone who sent it, for fear of some misguided reprisal from the ANC’s thought police.

Hersov’s narrative is nothing novel – it’s been around for years even further back when the rulers of the Nationalist Party were top of the dung heap. Except during that time political life, and of course corruption, was kept “ordentlik” and in check under the blanket of distorted Calvinist doctrine, orchestrated by academia from two principal Afrikaans universities.

Those that did receive Hersov’s comments represent a minute percentage of South Africa’s population. Those that understood his comments for the first time we’re not from planet earth, and those that did, reacted dismissively by retorting “tell us something new!” The vast majority of the population, including the ruling party, assuming the comments were received as print material, ended up using it as catchment for oil dregs when frying fish.

All things considered, Hersov’s comments are simply a flash in a pan. It will not change South Africa’s certain trajectory to a failed state.

And today’s final contribution comes from Ana Forssman, she runs through the statements made by Discovery CEO Adrian Gore and PSG CEO Piet Mouton:

Firstly, thank you for continuing to provide me with challenging thoughts on all things Covid … It not only stimulates my thinking but often, I get free cardio from my elevated heart rate from some of the comments…

One aspect that has astounded me has been the latest statements made by Adrian Gore and Piet Mouton –  I have a few questions on this:

  1. How ethical is it for these captains of industry to make such statements about the vaccine? Are mandatory vaccines not both unconstitutional and against Human Rights?
  2. How are their board of directors addressing their statements in terms of the potential risk they are introducing into the business? How will their stakeholders react? Are they ready to lose business, staff as well as shareholders? Perhaps these parties have forgotten that they have a responsibility to their stakeholders? Is it going to require King V or VI – another tick box exercise?
  3. Isn’t it against Labour Law to request any medical details from any employee? How do they propose to now mandate a change to the employment agreement? Also, mandating any medical treatment is not within the rights of any employer, unless it impacts their performance – how will they mandate this without being referred to CCMA?

Many Discovery staff have had to work 12 hour days during Covid, which means that many will have compromised immune systems, and now their boss tells them what is good for their health? What happens when one of them dies – what legal rights will their family left behind have? It’s the thin edge of the wedge – what will be next from your employer – you don’t look happy enough, I think you should go on antidepressants?

Did Cyril lean on Adrian Gore to do the “optically correct thing?” Because of course we know that the NHS is still on the table and Discovery would need to lean in on that? The old private sector “quid pro quo” = bribery is another shade of grey.

I also find it incomprehensible, that most people don’t trust the ANC with – their investments, their land, education, health system, standard service delivery, taxes – however, the very same thieves, gangsters and liars that are destroying our country daily, tell you to vaccinate, and everyone runs without thinking, questioning, even defend them – and you trust them with your life? Your body is the only one thing that we are in control of, but people are giving that up willingly?

Stop labelling people Anti-vaxxers – they are Pro Choice on what happens to their body. Can you comprehend the difference? I have paid taxes all my life, for which I get no proper medical care unless I spend even more money with a medical aid – I have maintained a sedate lifestyle, but now I am going to be told to go and poison my body by people who operate on 150 shades of truth and can’t be trusted with a pet rock? We’ve had racial, gender, ageist, religion etc…now we have non-vaccinated? Discrimination is discrimination no matter what label you choose…

As for the business journalist, who says jobs are not a right – true, however, who needs a job that requires you to work in a sick building, for a paternalistic employer? You can find jobs right now working from home, internationally, earning foreign currency – a whole new world.

Soon the head office monstrosities in Sandton will become white elephants to be transformed into accommodation or mothballed. The world is changing, upskilling is crucial and easily accessible, technology is the greatest enabler to upskill and work – so why limit yourself to employers who have paternalistic leadership styles – find a new employer who will value you for your skills and as a critical thinker, rather than being a Yes person.

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