EDITORIAL: Lowering standards no silver bullet for JSE crisis
Onerous compliance requirements may lead to delistings but investors need standards to be kept
23 April 2021 - 05:10
Days after Steinhoff revealed a R100bn-plus hole in its accounts in December 2017, exchange operator JSE Ltd was among those in the crosshairs of investors whose equity was all but wiped out.
Where was the JSE, which prides itself on a reputation of rectitude and reliability in emerging markets, when a group of executives at Steinhoff came up with a complex scheme in which intercompany deals were fraudulently recorded as external income to overstate assets and profits? ..
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