Absa and PSL make amends

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 said.

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 said.

Absa, represented by chief executive Steve Booysen and chairman Gill Marcus, pointed out that the aim of the sponsorship was that of enriching soccer and not enriching administrators.

They said good governance was non-negotiable.

Manuel sent an open letter to Booysen last week relating to Absa being awarded the PSL sponsorship. He expressed concern about the story that accompanied it that said some elected officials of the soccer league would be entitled to a 10percent commission.

"If they did that it would be highly corrupt," said Manuel.

"We must ensure Absa behaves in a manner demonstrative of the highest standards of corporate governance," he said.

"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 said.

Manuel also said that anyone suggesting he was misinformed should prove it.

Marcus said Absa had examined all their interactions with the PSL in this matter.

"At no point in time was any commission offered," she said.- I-Net Bridge

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