Steinhoff Share Price Bouncing Back-By Over 40%

This is an opinion.

The Steinhoff share price jumped by over 40% today. This is the highest ever since the accounting “irregularities” fall. It seems like it is back to business as usual especially with Markus Jooste resigned as the CEO after the so-called accounting irregularities also ‘uncommonly’ known as corruption. New dawn?

It seems that Steinhoff woes are over and they’re bouncing back but will justice be served or this will be another cold case to join other thousands of cold cases whom the authorities refer to as “We Are Still Investigating”?

Least we forget that the recent findings found that the actual damage caused by the corruption is R198 Billion.

The former chairman, Christo Wiese, is also suing Steinhoff for R59 Billion in his losses but what about the losses suffered by South Africans under his chairmanship?

What is more appalling is their unwillingness to cooperate and undermining of the government of South Africa as Markus, the former CEO was summoned to Parliament of South Africa and refused to appear before parliament. On top of that, Steinhoff submitted documents with no information to the Hawks.

It is high time the government stops summoning perpetrators to Inquiries which have no results and start summoning them to courts of law, let them be trialed and prosecuted straight to jail.

It is becoming a norm that companies in the private sector after being exposed, they appoint blacks [women] into high positions to boost their ‘image’, just like how they recently appointed Wendy Luhabe into the Steinhoff Africa Board which is dominated by white men.

This is nothing but a Public Relations attempt to ‘calm’ the public and the government and be seen as if they are doing ‘something’ to fix the problem, of course with the aid of white media and articles such as “Inside the mind of ex-Steinhoff boss Markus Jooste: Here’s why you could be just like him!”

There are many injustices in this Steinhoff case. This is a perfect example of how corruption in the private sector is treated as mere mistakes or irregularities and the wheels of justice seem to turn even slower towards the Stellenbosch billionaires, yet billions disappeared, just like that and it’s business as usual.

I wonder what could have happened if Markus Jooste was Themba…

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This is an opinion.

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1 Comment

  1. Zama
    July 4, 2018 / 6:52 am

    The government is too soft on offenders

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