Root out graft in public and private sectors

THE recent exposure of “accounting or auditing irregularities” and alleged fraud and corruption in the private global retailer Steinhoff show that wrongdoing is also rampant and pervasive in the private sector.

As evidenced by the fresh revelations of alleged wrong business practices by several private sector corporations, the private sector is not corruption free.

After reading numerous articles, analyses and write-ups about the Steinhoff scandal, I believe the private sector corruption is as big a problem as the public sector and has no language, nationality or race boundaries.

Corruption in all its forms does not mysteriously emerge. It is carefully crafted in boardrooms and often presented or discussed during sporting or leisure activities.

To help fast track the process of nation-building and to fulfil the different constitutional objectives and aims, both private and public sector corruption must be thoroughly investigated and rooted out.

There is no ceiling in the magnitude to which dishonesty, bribery and fraud, once it is unchecked, can undermine the stability of organisations, companies and even governments.

If not guarded and controlled, corruption can turn into a powerful monster and become a hurdle to sustainable growth and progress.