Athletics SA sacks CEO Frik Vermaak for misappropriation of funds

Athletics South Africa (ASA) today announced that it has terminated the employment of its chief executive officer, Mr Frik Vermaak, following the recommendations received after a disciplinary hearing.

After hearing evidence for two days, Vermaak was found guilty on the charges of gross misconduct, gross dishonesty and poor work performance.

Vermaak was initially suspended after returning from the London Olympic Games in August on charges of mismanaging funds after the ASA board became suspicious when a service provider threatened to file for liquidation.

Vermaak, 54, was recruited by Athletics South Africa in December 2011 after he was chosen for the position of CEO out of 25 candidates.

Prior to that he was the CEO of Allegro Holdings and a director of several companies allegedly involved in the misappropriation of more than R1-billion invested in Cash Managed Fund by Corporate Money Managers.

Experience

Vermaak has been involved in athletics since 1978 in various capacities, some of which include Race Walking Coach, LOC member of various meetings including the first Soweto Marathon, Team Manager between 1986 and 1999 and also as Chairperson of the South African Athletics Statisticians (SAAS). Vermaak has also been involved in Radio and TV sports commentary for close to 20 years.

He holds a MBA and attended Harvard Business School’s General Management Program in Boston, USA. Together with this, his Chartered Marketer qualification as senior marketing professional and previous CEO positions at Computershare South Africa and others, gained him the experience that will be extremely valuable to ASA.

In addition to the MBA degree, Vermaak holds a BCom (accounting) and his experience in the banking and financial industry since 1981 has equipped him with a sound background and broad financial knowledge of financial statements, budgets and cash flows that will be of the utmost importance as he streamlines the office.

Legal challenge

Meanwhile, Vermaak has branded his dismissal as “gross injustice” and is believed to be seeking legal counsel.

He told City Press today: “I have been very quiet and I don’t have a lot to say, but: I’m not interested in their (ASA) money and all I will fight for is to be reinstated and carry on doing my job.

 “Obviously I’m going to follow the legal channels and I have already consulted my lawyer and we’ll take the matter further with the CCMA (the Commission for Conciliation, Mediation and Arbitration).

(Additional contents from ASA & City Press)

Watch Frik Vermaak speak about his appointment last year below: