Wednesday, July 31, 2019

Mega-millions for MultiChoice's top bosses who bunker out in Dubai and who don't live on the African continent as pay-TV execs oversee 'Africa's leading entertainment company'.

MultiChoice's top bosses are raking in mega-million salaries overseeing "Africa's leading entertainment company" although some of them are bunkering out in Dubai and not even living on the Africa continent.

The MultiChoice Group that calls itself "Africa's leading entertainment company" released the pay-TV business' first integrated annual report for 2019 which reveals the massive remuneration packages of the MultiChoice executive management who don't all live in South Africa and some getting paid in American dollar in Dubai.

Imtiaz Patel, MultiChoice executive chairman got paid $1.463 million (R20.722 million) in base salary, bonuses, pension and short-term incentives, while Brand de Villiers is rolling in the green in the desert after getting paid just over $1 million - $1.020 million (R14.464 million) for the past financial year.

Neither Imtiaz Patel nor Brand de Villiers is living in South Africa while overseeing the proudly South African company that listed on the Johannesburg Stock Exchange (JSE) in late-February 2019.

MultiChoice in its annual report notes in the small fine print that "Imtiaz Patel and Brand de Villiers are paid in US dollar which is aligned with The MultiChoice Group's Dubai-based contracts and takes into account Dubai cost of living etc.".

Calvo Mawela, MultiChoice CEO, got R10.623 million, while the remuneration of Tim Jacobs, MultiChoice CFO, amounted to R8.449 million that including a "sign-on bonus" of R3.8 million.

Their pay packages packages exclude share options which further increase the executives' income.

During the past financial year MultiChoice also included and signed a restraint-of-trade agreement with Imtiaz Patel. If he were to step down as executive chairman or leave MultiChoice, it would apply for a period of 3 years.

MultiChoice has 15.1 million DStv subscribers and GOtv subscribers in South Africa and across the rest of sub-Saharan African combined.