COMPANY COMMENT
Thanks but no thanks, Steinhoff chiefs reply
Shareholders who have lost money might not be happy with it, but Jooste has rights in terms of the Constitution
The impotence of the South African regulators became apparent this week when one by one Steinhoff-related individuals informed the parliamentary portfolio committees they would not be attending the second day of hearings into the events around the company’s spectacular collapse. But each one of them — Ben la Grange, Heather Sonn, Johan van Zyl and Steve Booysen (the members of the supervisory board) and the entire top management team — did make sure to thank the committees for the generous invitation. Members of the four committees were particularly irritated by former CEO Markus Jooste’s continued refusal to attend any of the sessions. They may, or may not, succeed with their plans to subpoena him. Steinhoff shareholders who have lost money might not be happy with it, but Jooste has rights in terms of the Constitution. His lawyers contend being forced to answer questions in Parliament represents a contravention of his rights. The committee members are also considering a subpoena fo...
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