Steinhoff must reveal financials and it's board and JSE must act - expert

The fallout from the Steinhoff corruption scandal not only affected the company itself, but companies linked to its shareholders.

Companies associated with Steinhoff chairperson and CEO Christo Wiese lost as much as R 282 billion last week.

Viceroy, the American investment research company, released a report which shows that Steinhoff used several offbalance sheet vehicles to artificially inflate earnings.

READ: Lessons from the spectacular collapse of Steinhoff (e.g. diversity matters)

ALSO READ: Steinhoff is biggest scandal to hit SA - Fedusa

Stephen Grootes spoke to shareholder activist Theo Botha to find out more on how the Steinhoff corruption scandal unraveled and what should happen going forward.

The board of Steinhoff need to come out with auditors financial statements or some form of financial statements so that the public and shareholders can get to grips with what actually happened.

Theo Botha, shareholder activist

Surely the board should now step in, the JSE also, basically they are allowing shareholders to trade on a company when there is really now information and that is very risky.

Theo Botha, shareholder activist

Click on the link below to hear more from Botha...


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