I didn`t disclose IPL bonus according to Companies Act: Majola

Pretoria: Cricket South Africa (CSA) chief executive Gerald Majola has admitted to the Nicholson inquiry looking into the financial affairs of the board that he did not disclose a huge bonus paid to him by the organisers of the IPL according to the requirements of the Companies Act.

An independent inquiry by auditors KPMG, established by sports minister Fikile Mbalula, cited Majola as being in breach of the Companies Act, but this is the first time that he has made the disclosure.

The IPL-II was played in South Africa in 2009 because of security concerns around elections in India at that time.

Majola said that he had disclosed the bonuses to a members` forum meeting and advised the CSA board, even though former board members, including some who served on the remunerations committee, earlier testified to the inquiry that Majola had not advised them of the bonuses.

"I was totally convinced at that time, as it was common practice to do it this way, that I had disclosed properly when I did," Majola said as he candidly explained he was only later advised that detailed disclosure was a requirement of the Companies Act.

"I had absolutely no idea of the format set out in that Act and I am the first one to admit that I did not disclose this as the Act required me to," he said.

Majola informed the inquiry that he had disclosed at a members` meeting and also at a board meeting that he was going to receive a bonus and this was documented.

He also said that former chief operating officer Don McIntosh determined all bonuses that were paid to CSA staff.

PTI

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