Malusi Gigaba held meeting with Steinhoff stakeholders


South African Finance Minister Malusi Gigaba on 15 December 2017, meet with various stakeholders to discuss developments at retail holding company Steinhoff International.

The Minister’s meeting will include the CEO Initiative Manufacturing Circle, Johannesburg Stock Exchange (JSE), Government Employees Pension Fund (GEPF), Public Investment Corporation (PIC), South African Revenue Service (SARS), Financial Service Board (FSB), and the Independent Regulatory Board for Auditors (IRBA).

The meeting, which took place behind closed doors, at the JSE in Johannesburg, follows revelations of accounting irregularities at Steinhoff which  led to the resignation of its Chief Executive Officer, Markus Jooste.

The company announced the resignation of Dr Christo Wiese, Chairman of the Supervisory Board and Delegated Supervisory Chairman.

“Wiese offered to resign from the Supervisory Board. Dr Wiese made this offer in order to reinforce the independent governance of the company of which he is a major shareholder. In addition, given the family relationship, Mr Jacob Wiese has also offered his resignation which has been accepted,” said the company.

Previously, Gigaba had called on corporates to maintain a high standard of corporate governance.

Gigaba said he supports the decision by the FSB to institute an independent investigation into Steinhoff.

In addition, the Department of Trade and Industry and the Companies and Intellectual Property Commission (CIPC) announced that they would launch an investigation into allegations against retail holding company.

Meanwhile, the GEPF has moved to assure its members that their pensions are safe. It said that it remains financially healthy due to its diversified nature.


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Thabo Mphahlele is the BizNis Africa Head of Sales and Marketing. Mphahlele was previously MultiChoice Production Support Analyst responsible for developing and monitoring applications. In addition, Mphahlele develops and automates batch scripts and is responsible for the daily infrastructure maintenance at MultiChoice. As a Production Support Analyst, he is responsible for incident analysis solving , developing and constructing business reports for SQL and Oracle and implement change controls for the business. Additional responsibility includes monitoring system performance via SOA, Kibaba (Elasticsearch), H.P BSM, HP Sitescope. Mphahlele is responsible for creating infrastructure performance reports through HP Ops Analytics, monitoring payments via Splunk and in-house built-in tool and disaster recovery simulation and testing. At Nashua Mobile, he was responsible for application development and enhancing the web sites At South West Gauteng College, he was the IT Technician and Network Administrator. During his tenure at Double Digit Media, he was he focused on application and web site development for new and existing clients Mphahlele contributes as a Content Manager for BizNis Africa.

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