When whistleblowers have no protections, the entire concept of "an efficient and trusted mechanism by which employees can anonymously or confidentially report allegations of a breach of the company’s code of conduct, company policies, or suspected or actual misconduct" becomes moot.
Reward numerations and protections are most important to effective whistleblower programs because the persons that come forward often face severe personal and professional risk of doing so. The financial benefit and freedom from harassment and retaliation must be substantial enough to incentivize persons with information regarding criminal and corrupt activity to report it.
Victor Seanie is the first staff member to be dismissed because of the fallout around the alleged overvaluation of Ayo Technology Solutions Ltd. ahead of an investment. He told the commission earlier this year that the money manager had a culture of intimidation and coercion and that its investment in Ayo was an example of how sound investment advice was often ignored. The PIC took all of Ayo’s 4.3 billion-rand private placement of shares in December 2017, valuing the company at 14.8 billion rand even though its assets were estimated as being worth 292 million rand. Its current market value is less than 2 billion rand.