Former Steinhoff board member Johan van Zyl (Afric
Former Steinhoff board member Johan van Zyl (African Rainbow Capital)
  • Former Steinhoff board member Johan van Zyl believes that action should be taken against those implicated in the Steinhoff scandal.
  • He said there are too many investigations in South Africa, such as the State Capture Commission, where no action is taken against those implicated.
  • A PwC report into Steinhoff’s alleged fraudulent practices is set to be released within the next week.

Those implicated in the Steinhoff scandal should be prosecuted, and end up in jail, former Steinhoff board member Johan van Zyl believes.

Speaking to CNBC Africa on Thursday, Van Zyl said he has already read the PwC report into alleged fraudulent practices at Steinhoff. A short overview of the report was released to the public on Friday.

“My firm belief is people should pay for their actions and we should (...) focus on getting those people behind bars,” Van Zyl said.

Also read: Market watchdog to act against Steinhoff suspects within weeks

“Too often in our country we have these, all these massive sorts of get-togethers where it is [a] truth and reconciliation commission where people say, 'I have done this and that,' and then there is no consequence.”

“[We have] too many of these, the State Capture [Comission] etc.  ...without any consequence. We have to have consequences.”

Fin24 previously reported that Van Zyl, former head of Sanlam and currently joint-CEO of Patrice Motsepe’s African Rainbow Capital, resigned from the Steinhoff board April 2018 - two days before the multinational's annual general meeting (AGM). 

At the time, he said he resigned to allow the company to rebuild trust and build a future.

He said he has a “limited” knowledge of alleged corrupt practices at Steinhoff, because he only saw the "crooked" financial results .

Steinhoff's share price the past three years.
Steinhoff's share price the past three years.

Steinhoff share price dropped by as much as 96% since December 2017 when allegations of fraud emerged.

Millions of investors in pension funds – including 1.6 million civil servants - lost money in what is now believed to be one of the biggest corporate meltdowns in South Africa history.



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