Corruption is a two way street: Sithole

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Accountant and anti-Capitalist Khaya Sithole says if people want to tackle corruption they can’t just limit the conversation to particular individuals because corruption is a two way street and what people need for corruption to thrive is a really well cultivated ecosystem and an ecosystem involves bankers, lawyers, accountants and auditors.

This comes after another financial scandal broke, with Steinhoff International furniture retailer loosing half of their value on Wednesday after they announced an investigation into accounting irregularities and the resignation of chief executive, Markus Jooste, the day before.

It is estimated that local pension funds could have lost as much as R10 billion so far.

“The executive committee is very important more than the Board. The executive committee makes decisions and when we look at their executive committee there is no diversity and transformation, we are saying if there were black people there they would have probably raised issues of saying let’s look at corporate governance but because their committee looked like a white boys club with one female, the continued with the greed and corruption,” says CEO of Black Business Council Kganki Matabane.

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