Brendon

South Africa’s political history has many heroes. Those who, at risk of persecution, imprisonment, exile or worse, fought to free our country from the shackles of Apartheid.

South African corporate governance was once held in high esteem by both local and international investors. The King Codes were cited as proof of our commitment to ethical leadership and the sanctity of good corporate governance. But then the Steinhoff debacle happened, and all bets were suddenly off.

Still recovering from the recent Steinhoff debacle, South Africa has once again been rocked by yet another corporate governance scandal. At the beginning of June 2019, sugar giant Tongaat Hulett announced it had requested its shares be temporarily suspended while it carries out investigations into concerns over the accuracy of its published financial statements for 2018. The company also said it would delay publishing its 2019 earnings until the forensic investigation is concluded.