NEWS

Bonang Mohale: Corrupt SA Businesses 'Rotten To The Core'

The CEO of Business Leadership SA says some "rotten apples" in business are ruining the name of business in the country.

07/12/2017 08:17 SAST | Updated 07/12/2017 08:32 SAST
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Bonang Mohale.

CEO of Business Leadership SA (BLSA) Bonang Mohale has spoken about about the recent investigation into so-called "accounting irregularities" that has led to the resignation of multinational Steinhoff's CEO.

Markus Jooste's resignation led to a 60% Steinhoff share collapse, with the company losing R20-billion in one day, and chairperson Christo Wiese's fortune reportedly halved as a result.

Mohale said on Talk Radio 702 on Wednesday morning that a few South African business are "absolutely corrupt to the core," and that BLSA is "devastated, and deeply concerned" about "evil companies" corrupting business in the country.

The Steinhof news follows similar stories this month of two of South Africa's biggest companies –– Naspers and MultiChoice –– currently finding themselves in the middle of major allegations of impropriety, and unethical conduct leveled at them.

The Democratic Alliance revealed this month that SABC board meeting minutes showed MultiChoice sought to pay the SABC R100-million, allegedly in exchange for sway over government's position on set-top boxes.

City Press reported that MultiChoice, which owns DStv and M-Net, was accused of paying R100-million in kickbacks to the SABC in exchange for the public's broadcaster "political influence over digital migration".

"BLSA is greatly concerned about recent media reports on alleged state capture and corruption against one of our members MultiChoice, and Steinhoff, in its dealings with government and content suppliers. BLSA continues to condemn and take seriously any behaviour that is unethical and entirely at odds with our own values as contained in our published integrity pledge," Mohale said.

He added that BLSA could confirm that they had initiated discussions with both MultiChoice and its parent company Naspers.

"It is absolutely corrupt to the core, and it does't make our path of rooting out and defeating state capture any easier."