ISCOR bosses have secured a "golden handcuff" deal worth R13m, the steel maker disclosed in its latest annual report.
The "retention and restraint of trade" payment means that Iscor's six executive directors who stay on until March 2005 will each receive R2m with CE Louis van Niekerk receiving R3m.
One half of each director's payment under the deal was handed over in September last year, with the balance due in two further payments the latest of which was due to have been paid last month, with Van Niekerk receiving R750000 and his colleagues getting R500000 each.
The report also notes that total pay awarded to Iscor directors shot up to a total of R23,7m in the year to June up from R6,4m in the previous year.
Meanwhile, since the year end, Van Niekerk and two other Iscor executives have sold Iscor shares worth a total of R11m.
Van Niekerk sold 27% of his portfolio for R3,9m, director Malcolm Macdonald sold 25% of his shares for R3,5m and COO Martin van Wijngaarden sold shares for R3,4m.
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