LETTER: Chained to an organisation that’s dragging us down the drain
Loading player...
I am a pensioner who has been approached by a large organisation asking for money. Here’s the thing: I have in the past given this organisation substantial amounts of my money, but all the promises it made were never met.
The previous CEO has been accused of fraud and is awaiting trial, and it is confidentially believed that many of his fellow executives were also embroiled in huge fraud.
Just more than two years ago his deputy assumed the mantle, answering the “call me” to clean the Augean stables, but nothing has taken place other than the arrest of one or two minor filing clerks. Indeed, most of those fingered are still at work and continue to be part of the new CEO’s executive. If anything, the amount of money going missing appears to have increased.
The organisation’s subsidiaries are mostly bankrupt yet it continues to feed money to them. Its debt has grown to a frightening extent and there doesn’t appear to be any awareness by management of the crisis, as there has been no meaningful action to right the ship.
Sadly, its shareholders continue to support the existing board at every annual general meeting (AGM) despite all the evidence of mismanagement, naively believing there will be a golden dividend some time in future.
I have been told that I must make further payments to this organisation by end-August, or it will call in the heavies to make my life miserable. You might know of this organisation — the executives tend to be driven in fast black limousines with tinted windows. What must I do?
Bill Haslam
Saxonwold
JOIN THE DISCUSSION: Send us an e-mail with your comments. Letters of more than 300 words will be edited for length. Send your letter by e-mail to letters@businesslive.co.za (mailto://letters@businesslive.co.za). Anonymous correspondence will not be published. Writers should include a daytime telephone number.
The previous CEO has been accused of fraud and is awaiting trial, and it is confidentially believed that many of his fellow executives were also embroiled in huge fraud.
Just more than two years ago his deputy assumed the mantle, answering the “call me” to clean the Augean stables, but nothing has taken place other than the arrest of one or two minor filing clerks. Indeed, most of those fingered are still at work and continue to be part of the new CEO’s executive. If anything, the amount of money going missing appears to have increased.
The organisation’s subsidiaries are mostly bankrupt yet it continues to feed money to them. Its debt has grown to a frightening extent and there doesn’t appear to be any awareness by management of the crisis, as there has been no meaningful action to right the ship.
Sadly, its shareholders continue to support the existing board at every annual general meeting (AGM) despite all the evidence of mismanagement, naively believing there will be a golden dividend some time in future.
I have been told that I must make further payments to this organisation by end-August, or it will call in the heavies to make my life miserable. You might know of this organisation — the executives tend to be driven in fast black limousines with tinted windows. What must I do?
Bill Haslam
Saxonwold
JOIN THE DISCUSSION: Send us an e-mail with your comments. Letters of more than 300 words will be edited for length. Send your letter by e-mail to letters@businesslive.co.za (mailto://letters@businesslive.co.za). Anonymous correspondence will not be published. Writers should include a daytime telephone number.
