Board members rewarded for their incompetence !
Rs 43 miilions to the Board members of SBM Holdings. As Chairman, Sattar Hajee Abdoula, the most faithful among the faithful of the Jugnauth regime,(maha chatwa would have been more exact) saw his remuneration increase from Rs 7.5 million in 2021 to Rs 8.04 million in 2022.
All are being rewarded for the billions of rupees of bad debts that had to be written off . As a reminder, three companies had obtained loans from SBM. These are Pabari Distributors, Kotecha, and Unifresh Exotics. However, all three were subsidiaries of a single group, Pabari Investment. The banking facilities from which they had benefited had been granted on the basis of false documents. It was only later that the deception was detected.
The state-owned SBM Holdings Ltd share price has not picked up since its peak (7.5 -7.9) in Jan 2018, it is now priced at a mere 4.46 - but we keep on rewarding the non-performing Directors, year after year. ( Please note that there was a share split in 2016 that explains the hike, the share price was already falling before that.)
All these at our expense !
