The collapse of Steinhoff is arguably the largest business scandal in history to rock South Africa when former CEO, Markus Jooste, resigned in December 2017, and the company’s share price went on to plunge 90% as it emerged profits and assets had been overstated by nearly $12 billion.
Fast forward to 2022, and in a landmark case for the Financial Mail and investigative journalism house amaBhungane, Western Cape High Court judge Gcinikhaya Nuku, ordered the company to hand over its full 7,000-page forensic report to the media within 10 days.
Both media stables had requested the report, compiled by PwC in 2019, but Steinhoff pushed back against the request arguing it contained “legal privileged” information and was “confidential”.
Nuku, however, ruled that there wasn’t enough evidence to substantiate Steinhoff’s claim.
Financial Mail writes “As awkward as full disclosure of these reports might be for the companies concerned, it may help rebuild the trust which has frayed in the aftermath of Steinhoff’s implosion, as well as other malpractice, such as the theft of R2bn from VBS Mutual Bank.”
Meanwhile, Melanie Verwoerd writes while the governing ANC continues to stagnate and self-sabotage, it is becoming difficult to imagine a different political party taking the reins given the alternatives.
“With all that has happened over the last decade it is difficult to argue why the ANC still deserves to be in power – certainly in most democracies with a credible opposition the party would have been rejected at the ballot box by now.”
Verwoerd hypothesises what might happen if the ANC were to be ejected by the voters.
The writer rejects the idea that DA leader John Steenhuisen would be able to form a viable coalition and predicts that the ANC would be able to corral the IFP and independent candidates into forming a government.
Verwoerd adds it is also likely the EFF would grow its support base especially if it can mobilise the youth and it is highly unlikely it would enter a coalition with the DA and a near certainty that it would never accept Steenhuisen as president.
In the end, she writes it may be best that Cyril Ramaphosa rid the ANC of the looters and corrupt because the opposition waiting in the wings does not inspire.
Here’s a round-up of opinions, editorials, and in-depth articles we’re reading:
Steenhuisen’s Ukraine trip was much more justifiable than described in the media – The Citizen (for subscribers)
CAIPHUS KGOSANA | The bloated bureaucracy the ANC has built is blocking the light – Sunday Times Daily (for subscribers)
JUSTICE MALALA: How to avoid a failed state – Financial Mail (for subscribers)
EDITORIAL: Mr President, we are watching YOU as the clock ticks towards December – Business Day (for subscribers)
ANALYSIS | The EC ANC’s provincial conference was a dress rehearsal on what to expect in December – News24
Lynne Brown’s hotline to Zuma after the release of part 4 of the State Capture report – The Citizen (for subscribers)
(Photo by Gallo Images / Brenton Geach)
