Steinhoff, once the world’s second-largest furniture retailer has proven to be the ultimate iconoclast
With the possible exception of chair Heather Sonn, nobody emerges from Steinhoff’s 2017 annual report with an enhanced reputation. And it’s not just individuals. The reputations of institutions and systems have also been sullied by the remarkable events at Steinhoff.
At this stage, despite much grandstanding by parliamentarians and prosecutors, it is far from certain that anyone connected to the systemic destruction of one of the JSE’s largest companies will end up behind bars. It is not merely a question of resources, which enables the inevitably wealthy wrongdoers to drag legal battles into eternity, it also goes to the slippery heart of financial crime.
Deloitte, which has been in the firing line for the past 17 months, is to be commended for the remarkable work packed into this 343-page document. It may be 12 or so months late and conclude with the appropriately damning statement that no opinion or assurance can be given on the contents, but it contains a veritable treasure trove of information.
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