SARB R6bn Steinhoff seizure part of major clamp down on exchange control regulations
SA Reserve Bank has issued more than 300 forfeiture orders to various individuals and entities for violations of the country's exchange control regulations.
FILE: Former Steinhoff CEO Markus Jooste. Picture: Eyewitness News
Motheo Khoaripe speaks to Rob Rose, editor & author of Steinheist.
Listen to the interview in the audio player below.
The South African Reserve Bank has issued more than 300 forfeiture orders in the past five years to a number of individuals and companies, found wanting in terms of South Africa's exchange control regulations.
The latest big fish was Steinhoff, which was hit with a R6bn forfeiture order last week.
Collectively, this has netted the fiscus billions of rand.
Speaking to Motheo Khoaripe on The Money Show, Rob Rose, financial journalist and editor of Steinheist explains why the the South African Reserve Bank is determined to clamp down on exchange control regulations.
"We all know what happened at Steinhoff, there was massive fraud there, where lots of money was fictitiously created and moved across borders. And primarily that's what the Reserve Bank has said, there was lots of duplicity in this..." - Rob Rose, financial journalist and editor of 'Steinheist'
"It does prevent Steinhoff from settling a lot of its debt tp the foreign debtholders, who've largely kept the group running over the last six years, seven years..." - Rob Rose, financial journalist and editor of 'Steinheist'
Scroll to the top to listen to the full interview.