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Steinhoff continues to find itself in muddy waters

Odwa Magwentshu

Business Leadership South Africa (BLSA) says it will ensure that those found to be liable for Steinhoff International’s demise are prosecuted. CEO Bonang Mohale stated at a media briefing where BLSA repeated its commitment to fight corruption on yesterday. “There is no doubt that the intent was corruption and if you intend on defrauding people you will find ways to hide it in a manner that ordinary boards will find difficult to unearth.” Furthermore, ABSA bank said its role as Steinhoff’s JSE sponsor was strictly to ensure it met the requirements of the JSE and had no role in analyzing Steinhoff’s financial statements. The bank issued a statement after a report by the City Press that VEB (Dutch Investors Association) planned to target ABSA bank in its class action suit against Steinhoff. And lastly, the Federation of Unions of South Africa (Fedusa) announced that it will fencepost the annual general meeting of Steinhoff to demand the appointment of a new board.

All this and more in our morning market podcast: