Business also rife with corruption

The recent exposure of “accounting or auditing irregularities” and alleged fraud and corruption in the private global retailer called Steinhoff, shows 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 such as KPMG, Naspers and possibly Deloitte, the private sector is not a corruption-free sector and examples of ethical business practises, righteousness and efficiency. After reading through numerous articles, analysis and write-ups about the Steinhoff scandal, I believe 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 just accidently happen or mysteriously emerge. It is carefully crafted in board- rooms and often presented or discussed during sporting or lei- sure 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 rooted out.

In all conscience, there is absolutely no ceiling to 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 financial and economic progress and growth. Mohamed Saeed, Pietermaritzburg