It is this privilege that has allowed former Steinhoff chairman Christo Wiese to repeatedly claim he knew nothing about what was happening. It’s true that Wiese lost a fortune on Steinhoff after he reversed most of his assets into the furniture retailer which had big dreams of being the next Ikea. But a smart business person like him should have asked questions about exactly where the stratospheric profits were coming from.
As Black Twitter says,"it’s nice to be white" and saved from the naming and shaming that is now standard as South Africa ramps up its fifth year of fighting state capture and corruption. The PwC report tells it like it isn’t. I’m not sure whether PwC wrote the final summary or whether Steinhoff’s extremely dexterous spin doctors put it through the whitewash.
Instead, you find language designed to obfuscate like this,"The PwC report finds that certain Steinhoff Group entities recorded sales to, or received benefits of income from entities that were purportedly independent of the Steinhoff Group but which now appear to be either closely related to and/or have strong indications of control by the Steinhoff Group…". In other words, this was fraud.
I could go on but you get the picture. I find it a distasteful summary that lacks respect for the public and for the many, many hardworking ordinary working people who save and trust that companies are what they say they are.
ferialhaffajee Fin24 Wrong face on picture.He was not part of the corrupt. He invested in the unknown corrupt.
ferialhaffajee Fin24 Nonsense, no 'white privilege' simply good lawyers.
RayMahlaka ferialhaffajee Fin24 Wait, Ferial taking the race angle? I'm at Cyril levels of shock! Didn't she get someone fired cos Verashni Pillay didn't do her job? Must be nice to have that sort of power and privilege.
ferialhaffajee Fin24 Still does not match the black laced black priviledge here now
ferialhaffajee Fin24 fakenews
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Days of Zondo: Don’t ‘Over-Zumanise’ State Capture; it’s much deeper – Mcebisi JonasSouth Africa should not ‘Over-Zumanise’ the process of State Capture, former deputy finance minister Mcebisi Jonas told the Zondo commission of inquiry into State Capture on Friday.
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PWC report lifts Steinhoff stock in FrankfurtThe PwC report's €6.5bn worth of fictitious transactions is significantly below the €12.4bn tagged by management in 2018, says analyst
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Steinhoff shares jump on PwC reportThe report shows that about €6.5bn worth of fictitious transactions between 2009 and 2017 inflated the group’s profits and asset value
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No more anonymity for Steinhoff execs implicated in PwC reportA 'small group' of executives have been blamed for alleged fraud at the company, and parliament has insisted on having their identities aired.
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Steinhoff bosses forced by MPs to reveal names of execs implicated in PwC reportDisgraced former CEO Markus Jooste’s name is among them, along with former chief financial officer Ben la Grange and former executives Dirk Schreiber and Stehan Grobler. This is rich. Being questioned by the Minister parachuted in to capture communications. Should be brought before StateCaptureInquiry Steinhoff YunusCarrim 'We instruct you to give us the names of the people whom PwC alleges committed the most serious offences.'
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