Sygnia CEO Magda Wierzycka confronts JSE on questionable listings
In an untypically fiery clash at the JSE’s annual general meeting in Sandton on Thursday, Sygnia CEO Magda Wierzycka accused the continent’s largest stock exchange of ignoring its duties to investors by giving the green light to some questionable listings.
The confrontation hit at the heart of SA’s financial integrity, which has been shaken by the implosion of furniture retailer Steinhoff, deficiencies in audits by KPMG and controversy over companies such as property group Resilient.
Wierzycka recently clashed with the JSE when her asset-management and stockbroking company sought to list a crypto-currency fund, which was put on ice as the exchange had serious reservations.
But Wierzycka has been one of the most outspoken critics of the private sector’s role in facilitating corruption in SA, with her company being among the first to fire KPMG.
"The JSE seems to be very happy to list companies where the valuations bear absolutely no semblance to operational reality," she said.
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