We have been hit by the biggest corporate scandal of our time.
The resignation of billionaire Markus Jooste on Tuesday caused Steinhoff International to lose about R194-billion, and its value continues to be steadily wiped out.
The giant household goods and clothing retailer experienced these losses in only two days against looming prosecutions that may stem from investigations by German investigators probing alleged accounting fraud.
The company was given a four-point downgrade by Moody's as its share price continues to plummet.
While many of us only heard of Steinhoff when the scandal exploded this week, South Africans have every reason to be concerned about the shady transactions that may have led to Steinhoff's demise.
The group owns the local brands JD Furniture Group that houses popular brands such as Russell's, Hi-Fi Corporation and Rochester, as well as their clothing retail arm of Pep, Ackermans and Dunns. Collectively, Steinhoff employs hundreds of thousands of ordinary South Africans and it is only a matter of time before downsizing and retrenchments follow.