With so much focus on alleged government tender corruption, it is easy to forget other dodgy dealings that have taken place.
The Steinhoff scandal is one of the private sector’s biggest controversies, but in close to three years, there hasn’t been much progress in the case against CEO Markus Jooste.
Steinhoff was once a top performer on the Johannesburg Stock Exchange – and many investors wanted a piece of it but in December 2017 that all changed when auditors picked up extensive rot in the company’s books.
It’s been described as the biggest corporate scandal in South Africa to date, but almost three years later, no one knows what happened and what went wrong.
It’s understood, PricewaterhouseCoopers is dealing with more than 3-million pages of evidence and given the billions lost and many walking around freely without being held accountable, the NPA says due to the complexity of the matter, time is needed to strengthen the case.
Meanwhile, the South African Institute of Chartered Accountants says it’s still investigating the matter, but Jooste’s membership remains suspended, pending finalisation of disciplinary proceedings.
For now, it’s a waiting game until those implicated are brought to book.
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