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Suspensions as NCR untangles mess

The National Credit Regulator's (NCR) chief financial officer Sivo Pather has been suspended and Times Live says this action was taken after allegations of tender fraud, nepotism and abuse of company resources. NCR has appointed Ernst & Young to investigate the complaints.

28 Feb 2012

According to the Times Livereport, Pather has been accused by his own staff of unilaterally altering an information technology contract awarded to Praxis by extending the term from one year - which was authorised by the board - to four years.

Yugasen Naidoo, who is believed to be the cousin of Pather's wife, owns Praxis. Pather's nephew, Denver Naidoo, who joined the NCR as an IT officer is now head of facilities, and has also been suspended.

Pather has also been accused of abusing company resources and of taking his family, with more than 20 members, on a holiday to Spain at the regulator's expense.

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