CHRIS GILMOUR AND JOHN FRASER: Feeble JSE should be at the heart of a review after Steinhoff failure
It took us all far too long to wake up to the dirty deeds, but the punishment is taking even longer
It is difficult to think of an SA-listed company that has been run more disgracefully than Steinhoff. Ineptly audited, with an apparently blinkered board of directors and scant scrutiny from the JSE, Steinhoff CEO Markus Jooste and his team were able to operate for years with a degree of impunity that would have been the envy of any Colombian drug cartel boss or mafia don.
It has taken the local bourse four years to impose its sanctions on Jooste for the fraud that occurred during his time at the helm of Steinhoff. In January he was fined the paltry sum of R15m, and he has been barred from being a director of a JSE-listed company for 20 years...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
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.