Steinhoff collapsed in what is South Africa's largest corporate explosion after Deloitte's revelations that there were accounting anomalies, which resulted in Steinhoff losing 97% of its market capitalisation between August 2017 and March 2019 as investors fled. At the time Steinhoff went bust, it owed more than R155bn to creditors, said Sarb. " This company crisis threatened the Steinhoff Group's continued existence and risked consequences, including forced asset sales or 'fire sales', significant losses to South African and foreign financial institutions and investors, and extensive job losses in South Africa and abroad," said Sarb. The Sarb added that the crisis also risked significantly affecting South Africa's reputation as one of the most robust and well-regulated financial markets in the world.