OLD MUTUAL HAS FINALLY AGREED to pay out a substantial chunk of the R1.1-million bonus that its rainmaker, super-sales-man Qinisekile Dhlamini, should have received for steering Anglo American Platinum’s R4-billion pension fund into the arms of Old Mutual’s SuperFund.
In nose240 we told how Dhlamini – known as “Q” to colleagues in the financial services industry – quit his R1,131,120-a-year job at Old Mutual Corporate after his superiors decided to carry over the substantial new Amplats business from 2018 to the following financial year – in the process, significantly reducing the bonus he might have earned for that year.
This was disastrous news for Dhlamini, who had already earned his maximum 2019 bonus (another R1.1m) after having secured R6bn in new business for SuperFund from Siyanda Resources and Coca-Cola, both of them scheduled to arrive in Old Mutual’s hands only in 2019. This meant that his R1.1m from the Amplats deal was gone for good.
The development was equally distressing to Dhlamini’s line boss at Old Mutual Corporate, Vivek Panday: the contrived Amplats carry-over to 2019 would cost him a bonus of R550,000. Both men resigned and immediately declared a dispute with their employer.
The dispute was first referred to arbitration by the CCMA and, if that failed, the next step would be a public hearing in the labour court. The arbitration process was to be scheduled to culminate in a meeting presided over by the CCMA commissioner on 7 October, just after nose240 was published online. Which may or may not have jolted Old Mutual into the – secret – pre-hearing settlement that they hurriedly concluded with their two ex-employees.
Denne historien er fra November 2019-utgaven av Noseweek.
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Denne historien er fra November 2019-utgaven av Noseweek.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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Lennie The Liquidator Faces R500,000 Defamation Suit
After losing his cool when his fees were questioned
Panel Beater De Luxe
Danmar Autobody and its erstwhile directors get a serious panel beating in court papers. Corruption and theft are said to have destroyed the firm chaired by Nelson Mandela’s eldest daughter, leaving 200 workers destitute and threatening to kill.
Meet Covid Diarist Ronald Wohlman
Ronald Wohlman – EX SOUTH African copywriter, author, and actor – never dreamt that his lockdown diaries, written on Facebook and followed by people all over the world – would become his “life’s work”.
A Picture Of Peace?
Beware: Appearances can be deceptive
Flogging A (Battery-Driven) Dead Horse
Why plug-in vehicles are not all they’re cracked up to be– and, likely, never will be
Everybody Drinks Corona
I am hesitant to go Into the pub today. Not because it’s illegal, but there is a crème colored 1985 Mercedes 300D parked behind the pine tree. This means the devil is inside; that’s what we call Dr. De Villiers. You don’t know whether you will encounter the good doctor with the charming bedside manner or the violent, bipolar bully. The problem is, most of the time, you can never be sure which it is, so it’s best to always keep a social distance.
Never Take A Hypochondriac To A Pandemic
From Ronald Wohlman’s New York Corona Diary
The money train
Transnet in court battle with liquidators of Gupta-linked audit firm over R57m in ‘corrupt’ payments and invoices
‘He's no pharmaceutical genius, he's a vulture'
Pharma con seeks prison release to ‘help find Covid cure’
Bush school – A memoir
OUR SCHOOL WAS IN THE MIDDLE of the bush, ten miles from the nearest town in the harsh beauty of the Zimbabwean highveld. It started life in World War II as No 26 EFTS Guinea Fowl, a Royal Air Force elementary flying training school and I arrived there in 1954, just seven years after it became an all-white co-ed state boarding school.
