IDT CEO Tebogo Malaka suspended after R836m tender scandal probe
The Independent Development Trust (IDT) has placed its embattled CEO Tebogo Malaka on precautionary suspension with immediate effect.
This comes three days after a forensic investigation recommended disciplinary action against her and IDT's general manager Molebedi Sisi.
Audit company PricewaterhouseCoopers found irregularities in a R836 million oxygen plant tender that the IDT awarded to several unqualifying companies.
According to Public Works and Infrastructure Minister Dean Macpherson who briefed the media about the investigation's findings on Tuesday, Malaka failed to exercise oversight. The report found that she relied entirely on internal supply chain management staff to assure her that the process had followed proper procurement protocol.
'She did not verify any of the documentation. She did not act on the red flags raised by the Department of Health. She did not convene the necessary risk committees to assess the matter. In this, she was not alone,' Macpherson read from the report.
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Key Points Shares of Brookfield Infrastructure and Novo Nordisk offer an average yield that is more than triple the market average. Novo Nordisk lowered its forward outlook in response to a problem that has most likely been resolved already. Brookfield Infrastructure's pipelines and data centers aren't particularly thrilling, but they do generate predictable cash flows. 10 stocks we like better than Novo Nordisk › Despite a recent dip in response to unfavorable economic data, the stock market's bull run seems unstoppable. From April 4 through Aug. 8, the S&P 500 index shot up a whopping 25.9%. For dividend-seeking investors, a buoyant stock market can be a little annoying. Stock prices rising faster than profits means most dividend payers offer unattractive yields. The average yield from dividend payers in the benchmark S&P 500 index is an unattractive 1.2% at recent prices. 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