Business Lead South Africa

Former Steinhoff CEO says his family trust held R3billion in shares when accounting scandal broke

PARLIAMENT, September 5- Former Steinhoff chief executive Markus Jooste on Wednesday told MPs the day an accounting scandal hit the multi-national retailer, his family trust held shares worth around R3 billion. Steinhoff’s announcement of “possible accounting irregularities” and Jooste’s resignation on December 6 saw the company’s share price plummet, and saw the Public Investment Corporation, […]

Business In The News South Africa

Steinhoff says will need to restate 2016 financial statements

JOHANNESBURG, December 14 – Global retail company Steinhoff said on Thursday its 2016 consolidated financial statements would need to be restated and could no longer be relied upon. Steinhoff’s CEO Markus Jooste resigned last week after the company said it had uncovered accounting irregularities, setting off a run from investors which have slashed billions of […]