Given that it is a slow day, some other titbits re. ALM – the psychopathic FD (who simultaneously performed this function at Afdawn with similar results) dabbled in derivates of the company’s share through her boyfriend at Watermark Securities which over time left a R40m hole in the company’s books. Neither the IDC nor the company auditors ever picked up on this. Corporate governance moreover was mostly non-existent as Phosa was allowed to nominate a disgraced SABC executive to the board after she left that institution under as cloud having bought millions of Rands worth of un-airable product. Shortly thereafter, the MD contracted cancer, most probably stress-related given all the shenanigans and deception at the firm, and resigned. And so everything went quiet…
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