[FROM THE ARCHIVES] The Steinhoff Swindle
𝗧𝗵𝗶𝘀 𝘀𝘁𝗼𝗿𝘆 𝗼𝗿𝗶𝗴𝗶𝗻𝗮𝗹𝗹𝘆 𝗮𝗶𝗿𝗲𝗱 𝗼𝗻 𝟲 𝗝𝘂𝗻𝗲 𝟮𝟬𝟮𝟭.
It’s been three and a half years since the epic crash of retailing giant Steinhoff – the biggest corporate scandal in the country’s history that wiped more than R200 billion off the JSE. The company has admitted unlawful conduct, yet there have been no charges and no prosecutions. Currently, Steinhoff faces about 90 separate legal proceedings in claims that exceed R136 billion. Steinhoff has proposed a global settlement agreement, but some claimants are unhappy with it and are taking their battles to court. In the latest application, the founders of Tekkie Town want to liquidate the retailing giant in the hope of restoring some of what they have lost.