It was inspiring to read Alan Peat’s article on Teta’s missing millions in the June 14 edition – inspiring in the sense that the problem has not been swept under the carpet. At the time of the “theft” I believe there were some 40 directors on the Teta Board. This absurd number could have only arisen as a result of jobs for pals. No board of this size can operate effectively. When the fraud was exposed, what all the directors should have done was to resign, as clearly they were all guilty of failing in their fiduciary responsibilities. I wonder how many of them still feel comfortable around the boardroom table when decisions have to be taken regarding the allocation of funds for training purposes? The real losers of the debacle are the industry employees. – Chris Richards Christopher Richards Consultancy
