Steinhoff scandal now putting orphans’ lives at risk
Shareholders are not the only people that will suffer from the accounting scam — charities are bracing themselves for the day the embattled company pulls the plug on its donations
As the HIV epidemic devastated impoverished townships in the early 2000s, a big corporate philanthropist made it possible for charity Abraham Kriel to help hundreds of orphans. Now that donor, Steinhoff International, is struggling to survive what could be the worst accounting scam in SA history — and charities are bracing for the day the support vanishes. The alternatives are so few, Abraham Kriel is even thinking about selling its sprawling 116-year-old Johannesburg headquarters. “It’s been very stressful,” said Miemie Retsuri, who manages community services for Abraham Kriel in Soweto, where Steinhoff donations feed and clothe 400 children, many of whom have lost one or both parents to Aids. With creditors circling and angry shareholders suing Steinhoff for the billions they lost when investors were blindsided by the scandal in December, it’s not hard to see how the most defenceless victims risk being cast aside. Funding to non-profit organisations is typically one of the first t...
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.