There was a moment, during the Financial Sector Conduct Authority (FSCA) media briefing last week detailing its mammoth fine against former Steinhoff CEO Markus Jooste, when its head of enforcement, Brandon Topham, joked: "Are you going to put us on the cover, but with teeth this time?"

Topham has the air of a tough, no-nonsense American regulator, the type you’d expect to see prowling around dealing rooms on Wall Street. People do wrong, they must take the pain, he says. Moral relativism isn’t a philosophy, you think, that he’s that enamoured with...

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