For the past few weeks, the South African political and economical landscape has been overshadowed by the big time financial irregularities at the Steinhoff. While few are comparing the same to the accusations laid on Gupta family regarding state capture, the comparison must be analyzed in the best manner possible to carve a picture of the facts based reality.
It’s worth mentioning here that the fraud and corruption allegations laid against Steinhoff’s CEO Markus Jooste got bigger implications on the lives of blacks in this country than anyone else. As per the reports published on the news website Africa24-7, he purposely withheld important information from investors for about R13.5 billion worth of transactions with a related company, when as per the law it is required to reveal financial transactions with related companies. Moreover, the irregularities at the Public Investment Corporation’s (PIC) in regards to the same quotes a whopping amount of R12 billion, which also witnessed the R184 billion of company’s market capitalization completely wiped off the markets. Furthermore, the accountability related to total losses of Jayendra Naidoo’s Lancaster Group is still not clear. It must be noted that Lancaster group is Steinhoff’s Black Economic Empowerment (BEE) partner with Naidoo as the only one benefitted out of it. He also secured a loan of R9 billion by former deputy finance minister Mcebisi Jonas to buy a 2% stake in Steinhoff.
Also organizations such as Save SA and OUTA have largely kept mum on the big issues at Steinhoff – which is a clear proof of their “biased” perceptions as these were the same entities which were going gaga against the black representatives of government. Nothing has been heard yet from SA’s opposition party political leaders such as the DA’s Mmusi Maimane and the EFF’s Julius Malema as well as the big four banks of SA. Even Pravin Gordhan, who used to spill beans every time a black native came under scrutiny, has stayed silent in the whole saga. These were the same peoples who have gone “all guns blazing” when the Gupta family got dragged in corruption and state capture allegations. The banks even declared to shut down their bank accounts citing “Substantial Impact to Bank’s image” as a reason. They must be asked why they have decided to give credit extension to the “Self Confessed” culprit named Steinhoff.
It can therefore be said that the corruption at Steinhoff is deeper than we can ever imagine. The company’s fall down has affected millions of pensioners, workers and future generations of black people in some way or another and further been pushed towards the big dark hole of poverty. Moreover, the Gupta family did try to punch above its weight in the proxy wars of the country, a war between the Black uprising vs. the White’s oppression. It must be noted that many political faces in the government as well as in the opposition are mere puppets to various private sector entities such as Naspers, Steinhoff, Remgro and many others which directly or indirectly controls media entities and outlets that influence public perception and the opinions of ordinary folks like us.
As per the report, it’s been stated that they are the same people who abuse their dominance across the sectors in construction, retail, financial services, media, agriculture, mining and FMCGs. They garner hundreds of billions of rands off the backs of black consumers’ year in and year out. They hold the power to destabilize our economy and control the fluctuation of our currency. If you dare to hold a different ideological disposition that goes against their narrative, they have the power to kill your dreams and aspirations in your professional career. They also have the power to kill you economically as a black man. Like I have said once before, and continue to say again, they have the power to take your house, your car and your whole life like a thief in the night. They even have the power to manipulate our currency.
These people must be held accountable in SA and strict actions shall be taken in the same regards. They shall further be prosecuted and put in jail for these commercial apartheid crimes.