Steinhoff: This is why things went so very, very wrong

The Steinhoff fall was partly brought on by corporate greed, arrogance and entitlement, delegates at the Certified Fraud Examiner African Conference in Sandton heard on Tuesday.

Professor Daniel Malan from the Centre for Corporate Governance at the University of Stellenbosch said the board of directors running the retailer were described as “a club of friendship and trust” – which is “not the way you want to describe a board of directors of a multinational organisation”.

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