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Steinhoff’s financial woes met with anger, disappointment

People have shared former CEO Markus Jooste’s picture on Twitter, naming him as the new face of corruption.

Steinhoff International logo. Picture: Supplied

JOHANNESBURG – The news of the launch of an investigation into accounting irregularities at Steinhoff has been met with anger and disappointment on Twitter.

People have shared former CEO Markus Jooste’s picture on Twitter, naming him as the new face of corruption.

Stockbroker David Shapiro has broken down the issue on his account.

Jooste stepped down on Tuesday with immediate effect and has admitted in a letter to his colleagues that he made "some big mistakes".

Billionaire Christo Wiese, Steinhoff’s largest shareholder and chairperson, will take charge of the company in an executive capacity on an interim basis.

Some people have cried foul saying that the words "corruption" and "fraud" should be used instead of irregularities.