Africa-Press – Mauritius. While we readily speak of sacrifices and voluntary wage cuts in the private sector during this period of economic crisis, the state does not seem sensitive to this rhetoric.
In question, the fees pocketed by the directors of SBM Holdings, the state bank par excellence, which until recently was drowning in massive debt due to poor financial management. Its Chairman, Sattar Hajee Abdoula, a political nominee in this position since March 2020, received Rs 3.5 million as Chairman of the board.
No doubt, it will be said that in the private sector, it is better except that managers are called upon to take the exit if they do not deliver results and do not cling to their post.
According to the group’s 2020 annual report, Sattar Hajee Abdoula, who has also been co-director of Air Mauritius since last April, chaired / attended 26 meetings of SBM Holdings. This gives him approximately an attendance fee of Rs 130,000 for each meeting. Who says better !
We note that the CEO of Grant Thornton was entitled to compensation of Rs 2.2 million for his presidency within SBM Holdings and the difference (Rs 1.3 million) for the group’s subsidiaries.
Sure, he can complain that he hit less than his predecessor, Kee Chong Li Kwong Wing. He pocketed more than Rs 5 million for the same position in 2019. Or Rs 1.6 million for his fees as Chairman and Rs 3.4 million for his presence within the subsidiaries of the group.
However, we know that the former Big Boss of SBM Holdings was not completely satisfied with his package and told whoever wants to hear it that the amount was much lower than what the former Executive Chairman, Muni Krishna Reddy was getting.
Which touched, we are told, at the time Rs 30 million annually. And what about the other directors? The former Business Magazine journalist, now Senior Advisor to the Ministry of Finance, Jean-Paul Arouff, has received Rs 1 million since his appointment in March 2020.
As for Shakilla Bibi Jhungeer, candidate defeated in the last general elections and appointed director within the board, she cashed Rs 650,000. Obviously year after year, the SBM has become a cash cow for some nominees and will continue to be for years to come
