This is the story of a senior business executive who could give corrupt government officials a useful lesson in salary ballooning. When his bosses rewarded him with a 21 percent increase, for example, he cleverly used the dollar/rand exchange rate to inflate that hike to 100 percent. Ralph Dell was managing director of Seton South Africa, part of a company that boasts of its leading role in the car leather industry.
In November 2001 he earned R68 500; in January 2002 his monthly salary stood at R121 000. Fortunately for him, the company’s other three directors – the only people more senior to Dell – were based overseas and it took them some time to become aware of what was happening. Once the questions started, however, they appointed a firm of accountants to look at the books more closely and then referred the matter to a disciplinary hearing.
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