Punish fraud at companies

I HOPE we are not going to have another example of double standards with the latest developments in the private sector.

People call for those involved in corruption in the public sector to face the wrath of the law, but when it involves the private sector they are happy with fines.

What took place in our banking sector is fraud and as corrupt as everything at Nkandla.

The perpetrators should not be allowed to pay fines and get immunity from prosecution, which seems to be where we are heading. We had the same situation in the construction industry with the football world cup debacle.

People involved in corruption of any form should be prosecuted, no matter who they are or what their connections, or we will never stop this scourge.

It is no wonder political radicals throw their toys out of the cot. It seems there are different rules for different groups. We have Fica, King and a myriad other so-called governance controls and yet every second week a new corruption scandal surfaces.

Does Fica and King help to deal effectively with one of the biggest risks in the private sector, huge bonuses for senior managers? Of course not. Do they deal effectively with the wealthy trying to make deals to take their money offshore at the expense of shareholders? Of course not.

We need young blood who understand the nuances of the modern global village to develop effective fraud detection tools. We also need to deal with the Gini co-efficient in this country. The so-called skills shortage is used as an excuse for huge incentives. Randparkridge