Majola heralds new Cricket SA era
A new era has started for Cricket SA (CSA) after the federation received the results of a forensic audit at the weekend, according to CSA chief executive Gerald Majola.
“The reports of both the independent auditor (KPMG) and the Khan Commission have confirmed that there are no funds missing from CSA’s accounts,” Majola said on Monday.
“The annual financial statements that were approved by the board of directors on Saturday have been given a clean audit without qualification.
“They reveal both record income and a record bottom line.”
CSA president Mtutuzeli Nyoka said after the board meeting on Saturday that the federation would seek legal advice on a possible breach of company policy by Majola who awarded himself bonuses worth millions of rand without following correct CSA processes.
Nyoka said there was possible irregular conduct with respect to the Companies’ Act and the fiduciary duties of directors.
He also said assistance on the matter would be sought from the SA Sports Confederation and Olympic Committee after the CSA board accepted the findings of KPMG.
Majola said CSA had concluded a number of “highly compelling” agreements with commercial partners and the federation was in a “healthy” financial state.
“Given the tough economic conditions that continue to prevail both in South Africa and globally, CSA is proud to have successfully concluded its best ever commercial deals, which will be announced shortly,” Majola said.
“This will afford us the comfort of knowing that adequate funding is in place for the foreseeable future.
“I believe that as CSA our voice and influence in the global game of cricket is a critical one as we have one of the richest heritages of this great sport.
“We have already demonstrated our leadership in many aspects of the game and we will continue to act as a hub for development and excellence in all aspects of the game and business of cricket.”—Sapa.