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BUSINESS MAVERICK: Steinhoff and Tongaat Hulett fraudsters firmly in Financial Sector Conduct Authority’s sights

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As new management teams at Steinhoff and Tongaat slowly but steadily repair the damage done to these companies, the law may yet catch up with the perpetrators.

Steinhoff International has announced the sale of Conforama France for a “nominal” sum, as well as the sale of 18 real estate properties currently occupied by the business for about €70-million.This “nominal” sum will be a far cry from the R11-billion spent on the French retailer in 2011, a deal that kickstarted a breathtaking six-year acquisition spree.

Shareholders also cheered at the news last week that Steinhoff management is close to reaching a settlement with the various litigants against the firm. According to him, South Africa’s financial markets watchdog has the perpetrators of financial crimes at Steinhoff and Tongaat Hulett firmly in its sights and expects to impose tough penalties on them within the next six to eight months.

While he does name specific names, he says that in both cases the involvement of all material persons has been looked at. The investigations of the FSCA will have no bearing on any possible criminal cases against the individuals involved.

 

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