Rob Rose Editor: Financial Mail

If you’re looking for a crash course in executive moral relativism, you might want to spend a few hours watching the recording of Markus Jooste testifying in parliament last week. There is a moment, early on, when Steinhoff’s former CEO is testifying about his anger at the retailer’s auditor, Deloitte, saying it’s not going to sign off the accounts, and that it wants a new forensic investigation into allegations of fraud. The background is that over the preceding months, Deloitte had been tipped off to "irregularities" within Steinhoff’s accounts. (You know: overstated revenues, forged documents, inflated asset values.) So Deloitte demands another forensic investigation. How does Jooste respond? Perhaps to say to Deloitte: "By all means — here are the keys to the office, go wild"? Well, no. Instead, as he explained: "My personal view was that Deloitte’s mandate should be terminated at that moment in time and we should appoint alternative auditors." That new auditor, he said, would t...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.