By Zuko Komisa
It has been 5 years since the world learned about the Steinhoff scandal, which has been described as the biggest corporate fraud case in South Africa’s history.
The Steinhoff scandal represents the largest instance of corporate fraud in South Africa’s history.
Markus Jooste abruptly left his position as CEO of Steinhoff on December 5, 2017, while the company was being investigated for financial problems.
Also Read: ATM to challenge Ramaphosa’s application for a review of Sec. 89 report
Kaya Biz with Gugulethu Mfuphi gave an analysis of the progress of the case and what corporate South Africa learned from the scandal.
LISTEN TO THE FULL CONVERSATION HERE:
When the scandal broke, Steinhoff’s share price fell more than 95%, wiping out shareholder wealth worth tens of billions of rands.
The same day, Steinhoff informed investors that PwC had been contacted by the company’s board to conduct an impartial inquiry into the situation. The entire report was never made public.
With R21 billion in public cash lost in what is allegedly the biggest corporate scam in South Africa.
More than R200 billion was lost in the Steinhoff disaster, wiping out more than half of tycoon Christo Wiese’s wealth on the Johannesburg Stock Exchange.
READ NEXT: President Cyril Ramaphosa declares the 27th of December a public holiday



