The South African Institute of Professional Accountants (SAIPA) has fired its chief executive officer after he was found guilty on charges of contravening the institute’s rules, policies, codes, processes, procedures and gross negligence, misconduct and serious governance breaches.
Shahied Daniels was given his marching orders after a disciplinary process by an independent chairperson, following legal advice.
He had been placed on suspension in December last year. Daniels along with SAIPA’s chief operating officer, Gavin Isaacs, faced disciplinary action.
According to SAIPA, Daniels went on an overseas trips without approval, approved invoices for the payment of his graduation held overseas. He also approved the invoices for his graduation dinner, the hiring of an academic gown, accommodation costs, transfer costs and travel insurance.
“Daniels was also involved in improper procurement of services of an international company, issuing instructions for the establishment of a company in Switzerland without board approval, registering SAPIA Global trademarks in Switzerland without board approval, contravening the terms and conditions of his notice of suspension and demonstrating a character and attitude of incompatibility with the board,” SAIPA said.
Senior Counsel said Daniels was dishonest, lacked integrity and straightforwardness in failing to disclose in the Strategy Plan all the catalogued steps that had been taken towards the registration and formation of SAIPA Global.
“Daniels has been found guilty of serious misconduct which has resulted in SAIPA losing confidence and trust in him. SAIPA has provided evidence that proves that Mr Daniels did not consider himself accountable to the Board,” the Counsel said.
“One such instance – which was not an isolated incident – was when the Board rejected the Strategy Plan and Mr Daniels proceeded to authorise the registration of trademarks in Switzerland,” Counsel said.
“The evidence shows that the special trust relationship between Mr Daniels and the Board has been vitiated. He further contravened SAIPA policies that he signed and is a custodian of.”
SAIPA is awaiting the outcome of a hearing on the charges against Isaacs.
In the interim, Tia van der Sandt has been working as the acting CEO and a new CEO will be appointed in due course.
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