R15 million ‘golden handshakes’ for state telco executives: report

Parting executives from state-owned enterprises operating under the Department of Telecommunications and Postal Services have received millions in “golden handshakes”.

This is according to a report by the Sunday Independent, citing a Parliamentary response from department Minister Siyabonga Cwele.

The report noted that many if not all the companies in question are struggling financially.

Payouts were made in settlements between the executives and the companies through the labour courts.

According to the minister, the following payments were made to executives leaving state-owned tech and telecom companies:

  • R5.02 million to the SA Post Office, including a R1.47 million payout to group CEO, Motshoanetsi Lefoka, who left in 2012 after she was accused of tender irregularities.
  • R4.73 million to Sita, including R1.44 million to chief executive Blake Mosely-Lefatola, and R1.9 million to COO Khumbudzo Ntshaveni.
  • R1.8 million in settlements to USAASA
  • R1.74 million in settlements to Sentech
  • R919,443 to Broadband Infraco
  • And R779,055 the National Electronic Media Institute of SA (NEMISA)

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R15 million ‘golden handshakes’ for state telco executives: report