SHOCKING BETRAYAL: Jim Volkwyn Abandons Ship at MultiChoice Amidst AGM Chaos
In a stunning move, long-serving MultiChoice Group director Jim Volkwyn has announced his resignation from the board, effective immediately, amidst a growing storm of controversy surrounding his lucrative consultancy fees.
The bombshell decision comes just days after it emerged that a major shareholder, the Public Investment Corp, had threatened to block his re-election due to concerns over the company’s governance practices. Volkwyn’s departure is seen as a major blow to the embattled broadcaster, which is already facing intense pressure from investors and regulators.
The drama unfolded after a report in the Sunday Times revealed that Volkwyn had been receiving millions of rand in consultancy fees from MultiChoice, despite being a non-executive director. The PIC, which manages the pension savings of South Africa’s civil servants, had threatened to block his re-election unless the company provided a full explanation of the payments.
In a scathing rebuke, PIC chairman David Masondo accused MultiChoice of breaching corporate governance principles and creating a culture of corruption. "This is intolerable and undermines all the shareholders of MultiChoice," he said.
But MultiChoice has defended the payments, claiming that they were lawful and disclosed to shareholders. The company thanked Volkwyn for his decades of service, but it’s clear that his departure is a major victory for transparency and accountability.
The fallout from Volkwyn’s resignation is likely to be significant, with investors and regulators alike demanding answers about the company’s governance practices. One thing is certain: the drama at MultiChoice is far from over.
Stay tuned for further updates on this developing story…
