South African National Roads Agency (Sanral) executives pocketed on average 17% more in the year ended March 31, compared with the previous financial year.
This was disclosed in Sanral’s annual report, released on Wednesday.
The increases came during a period when the agency suspended its bond auctions, as investors lost confidence due to uncertainty about the implementation of Gauteng’s e-tolls. The suspension seriously hampered Sanral’s cash flow.
Sanral showed a R2.7 billion loss for the period, compared with a R1 billion profit in the previous financial year. Sanral CFO Inge Mulder blamed the loss on delays in the implementation of the e-toll project.
The increases were way above inflation and the average increase for civil servants and the economy in general, economist Mike Schϋssler commented.