Action against Ben la Grange must be the norm, not the exception
Culprits must be turned into a Ben la Grange as soon as possible. That’s if South Africa is serious about eradicating corruption.
Culprits must be turned into a Ben la Grange as soon as possible. That’s if South Africa is serious about eradicating corruption.
The JSE has disqualified Steinhoff’s former chief financial officer Ben la Grange from acting as a company director for 10 years.
Steinhoff will be settling as much as R1.4bn in legal claims after insurers agreed to pay out on director-liability policies.
Steinhoff was given a record R53m fine by South Africa’s financial regulator for failing to properly disclose accounting problems to shareholders.
Steinhoff’s effort to recoup salaries from former executives appears to be heading for a lengthy legal battle as ex-Chief Financial Officer Ben la Grange joined his former boss in filing an objection.
Steinhoff’s former chief financial officer is working with authorities as they investigate questionable transactions that brought the global retailer to the brink of collapse.
Steinhoff International has provided South African police with information about a set of transactions involving three more former executives who may have contributed to its accounting crisis.