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Johannesburg - South Africa's Finance Minister Trevor Manuel said on Friday that he had met with Absa over the PSL sponsorship issue and they had managed to resolve the matter in a mutually acceptable manner.
"We don't want Absa to suffer any reputational damage," he added.
Absa, represented by CE Steve Booysen and chairperson Gill Marcus, pointed out that the aim of the sponsorship was enriching soccer and not enriching administrators. They added that good governance was non-negotiable.
Manuel sent an open letter to Booysen last week relating to Absa being awarded the sponsorship for the Professional Soccer League.
He expressed concern about the story that accompanied it that some elected officials of the soccer league would be entitled to a 10% commission.
"If they did that it would be highly corrupt," said Manuel.
Corporate governance
"We have a very careful relationship "with Absa" - this relationship is a very important relationship," he added.
"We must ensure Absa behaves in a manner demonstrative of the highest standards of corporate governance," he pointed out.
"We have met to talk about the issue. We have the assurance that Absa will do everything in their power to ensure the money is used as intended - for the advancement of professional soccer in this country," said Manuel.
"I wrote an open letter because it was demonstrative of the seriousness of this matter. I stand by my decision," he added.
Manuel also said that anyone suggesting he was misinformed should prove that. Marcus said Absa had examined all their interactions with the PSL in this matter.
Against our values
"At no point in time was any commission offered. There is no substance to the question that Absa had agreed to pay anything in terms of the 10% commission," she added.
"There is no substance to the allegation we would be a party to that. It is also something against our values and the principles we would stand for," she emphasised.
She added that Absa would be involved in the code of good practice for the sector, which is still to be drafted. She emphasised that there was no possibility whatsoever that individual enrichment would arise.
Added Booysen: "Sound governance for us is not negotiable. Sport is a very important facet of society today. But sound governance is to be maintained with no enrichment to officials."
"We have done nothing wrong and will act in a sound way in terms of governance and will continue to do that," concluded Booysen.
- I-Net Bridge