If there is a silver lining to SA’s economic malaise and the struggles of its private sector, it is that the country’s financial markets should mature as investors and regulators sift out those that are inefficient, and more importantly, those that are errant.

SA’s economic stagnation, and Steinhoff’s spectacular meltdown over an accounting scandal from late 2017, has made life more difficult for the private sector. And it shows...

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