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SA in need of stricter financial controls

‘Our prosecution system is letting us down.’

Following the scandals at Steinhoff and VBS Mutual Bank, more and more financial organisations are calling for tighter financial controls in South Africa. 

Professor Jannie Rossouw, head of the School of Economics & Business Sciences, shares the same sentiment. He is concerned that South Africans are getting immune to shocks such as corruption in the private and public sector. 

Rossouw talks to Classic Business Breakfast with Moneyweb about why current controls need to be re-looked at and that the SARB should rethink the current legal framework. 

In case you missed it:

VBS report: The NPA has the evidence to prosecute

VBS Great Bank Heist report ‘astounding’

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The Financial Controls are there, the Regulators do nothing !

The Hawks and the NPA are useless, if the Scorpions were still around maybe there would be ACTION.

ANC Limpopo plan to conduct own probe into VBSBankHeist….ha ha ha!!

Let us not forget the role of the so-called auditors in the scams. Jail a few suits and I reckon the environment would change overnight.

Exactly. Top auditing firms involved in every one of these crimes. *cough* KPMG *cough*

if Jooste doesn’t run like the Bobroff’s his arrest is imminent and hopefully suitcasemans will follow suit.

Suitcaseman has always been considered too financially and politically connected to be investigated with any fervour. But rumour is that his armour is dented enough to be penetrated at long last. Hopefully his past business dealing will finally be probed as well.

If anything, SA has too many controls.

The issue is that they are not enforced and, in a culture of belly politics and belly business with the Rule of Law trashed, moral inhibitions disappear.

As a data analysit, ERP system administrator and a business administration manager I have the following opinion.

Any system is like a car, if it has a accident it’s generally the user’s fault and not the car.

From my experience any system regardless of how old controls are they need to be enforced and yes this does cause delays however every day some sort of new technology is being created to double check and verify information almost to the point of the system doing a self audit.

The anc Goverment constantly talks about creating industries of economic scale, they have not been able to manage a single business without corrupting it. All they want is some thing to control and to benefit their elites. This is at best corrupt capitalism.

Where laws are created to “force social justice” which has two meaning. The selling point “sharing the economy with all its people particularly the poor” and the political definition “a new revenue stream for the political party”.

As an admin manager I’ve seeing accountants funnel money to a loss making business because of the corrupt and self interest of a CEO, the CEO employed his friends at that company did not want the shareholders to close the business so to he kept it afloat he changed it’s accounts were managed.

Eventually this business has not external source of income and started consuming off the entire group.

This simple but real story is a mirror of South Africa and how it has become increasingly unproductive, inefficient and corrupt almost beyond they ability to resurrect.

We’ve got NO prosecution capacity – see media today about how the HAWKS lack money, skilled staff and leadership. Forget about anyone in government or private sector sitting in jail for white collar crime; they’ll go on to start new ventures under different names and rip off shareholders, the public and the poor as before. Business as usual.

Well of course. The whole point of disbanding the SCORPIONS and then reigniting the flame as the HAWKS was to weed out anybody who would actually tackle crime at the top levels.

South Africa is a Gangster state

Of that there can be absolutely no doubt. Plus if you are a thug (e.g. taxi thug) this country treats you like royalty.

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