White Monopoly

The Biggest Corporate Scandal Rattles SA

While WMC boss Johann Rupert has gone “all guns blazing” towards the marketing of their fake agenda and further looting this country, finance minister Malusi Gigaba has issued a statement in regards to the recent Steinhoff controversy stating that as the company is listed in JSE, there is nothing wrong in its investors expecting the highest degree of honesty and integrity from companies like Steinhoff. Moreover, as per the report published in The New Age, the Treasury stated,“The minister supports the decision by the Financial Services Board (FSB) to institute an independent investigation into possible false and misleading reports and related abuses.”

Markus Jooste CEO of Steinhoff

“This over and above an internal investigation by the JSE to probe the extent of the accounting irregularities at Steinhoff.” Gigaba has further asked for a report from the retirement funds regulator at the FSB, Public Investment Corporation (PIC) and the Government Employees Pension Fund (GEPF) in regards to the extent of the disclosure of retirement funds. Whilst billions of rands have been wiped of the JSE, the organized business is facing the wrath for its “Mute” stand on the big issue. This also consists of amount worth R12bn under supervision of the PIC, which takes care of the workers pensions. Moreover, Business Leadership SA (BLSA) cornered themselves out the controversy saying that Steinhoff was not a member of the lobby group.As per their statement, “No company associated with Steinhoff is a member of BLSA, including Shoprite-Checkers,”. Meanwhile contacting BLSA CEO Bonang Mohale and Business Unity South Africa gone wasteful as BLSA whilst keeping distance from the SAGA, gave their comment on the controversy around MultiChoice.

READ MORE :-   Pravin Gordhan: The Ghost Writer of “The President’s Keepers”

In their words,the controversy stands as  “a gravely concerning state capture and corruption allegation” against one of its members. Moreover, the Black Business Council (BBC) thrashed Steinhoff and its employees for their “unethical and corrupt behaviour”. In a statement issued by CEO of the BBC Kganki Matabane, he said “This corruption has caused workers and pensioners to lose more than R10bn. “We are aware that in the entire executive committee of Steinhoff, there is neither a black man nor woman,”. He further added that such response from corporations could “only negatively affect the way our country is viewed by international investors”. While many criticized the “mum” kept by most business lobbies in this regards, their deep connection with WMC factions also proved. Meanwhile, the JSE issued a statement yesterday stating that it had measured all the facts in regards to the  matter and information hereon, and has taken a decision to not suspend the listing of Steinhoff International or halt trading of its shares in the South African market.

READ MORE :-   Proliferation of Racism in Educational Institutions of South Africa