If ever you want an advertisement for why it helps to stay unlisted if you're not so keen on transparency, look no further than one of South Africa's largest private companies, Macsteel, writes Rob Rose IF EVER you want an advertisement for why it helps to stay unlisted if you’re not so keen on transparency, look no further than one of South Africa’s largest private companies, Macsteel.There are some very strange goings-on at Macsteel at the moment, which would have guaranteed screaming banner headlines were its goings-on being distilled through the JSE’s news service, SENS. Yet Macsteel’s response is “no comment”, claiming “we’re a private company” and this is nobody’s concern but their own.Perhaps most puzzling of all is the sudden suspension this week of Macsteel CEO Mike Pimstein.The well-regarded Pimstein, a former president of the Steel and Engineering Industries Federation of South Africa, has been at Macsteel for decades and CEO for 15 years.Quite why Pimstein was suspended,...
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