What is needed now is for South African prosecutors to go after masterminds of the R106bn Steinhoff fraud
29 June 2023 - 05:00It will remain a symbol of corporate malfeasance for decades, even though Steinhoff’s name will vanish from South Africa’s official business lexicon after a Dutch court approved a restructuring plan that will see its assets largely devolve to its creditors.
There are many lessons — all painful for investors. Had you invested R100,000 in Steinhoff in March 2016, when its stock touched R97, your entire investment would be worth R51 today. It’s a cautionary tale in avoiding investment hype, in applying a sceptical eye to the “offshore above all else” mantra, of taking heed of red flags in the accounts. And of avoiding bad luck.
Until last year, it seemed Steinhoff might survive. But as interest rates spiked — catastrophic when you haveBefore Steinhoff’s name fades, what is needed is action by local prosecutors against the masterminds of the R106bn fraud. Even though German courts last week issued an arrest warrant for former CEO Markus Jooste, our National Prosecuting Authority hasn’t even finalised a charge sheet.
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