Business In The News South Africa

IRBA to probe Deloitte’s contribution to Steinhoff scandal

JOHANNESBURG, December 15 – The Independent Regulatory Board for Auditors (IRBA) confirmed on Friday that it had initiated an investigation into audit firm, Deloitte South Africa, following the share price collapse of South African-based multinational retail giant, Steinhoff International DV, and allegations of accounting irregularities. The IRBA had a meeting with Finance Minister Malusi Gigaba on Friday to discuss implications […]

Business In The News South Africa

Steinhoff’s Wiese resigns as chairman as accounting scandal roils company

JOHANNESBURG, December 15 – Troubled retail group Steinhoff said on Friday its chairman and major shareholder Christo Wiese had stepped down amid an accounting scandal that has also seen its chief executive quit and its shares plunge. “Dr Christo Wiese, Chairman of the Supervisory Board and delegated Supervisory Chairman, today offered to resign from the Supervisory […]

Business In The News South Africa

Moody’s downgrades Steinhoff 4 notches in fallout from accounting irregularities

JOHANNESBURG, December 8 – Moody’s said on Thursday it had downgraded the credit rating of retail holding group Steinhoff by four notches to B1 from Baa3 and put it under review for further downgrade over accounting irregularities. “The downgrade of Steinhoff’s ratings and review for further downgrade reflect the uncertainties and implications for the company’s liquidity and […]

Business In The News South Africa

Zuma directs finance minister to find measures to stimulate economy

JOHANNESBURG, November 27 – President Jacob Zuma has directed Finance Minister Malusi Gigaba to identify concrete measures to urgently address the economic challenges identified in his medium-term budget policy statement, the Presidency said on Monday.       Gigaba in October revised the economic growth forecast for 2017 to 0.7 percent, down from the 1.3 […]

Business In The News South Africa

National Treasury to work with public enterprises to right Eskom

PARLIAMENT,  October 25 – A team of experts from National Treasury will work with the department of public enterprises to correct governance and financial management problems at Eskom, Finance Minister Malusi Gigaba said in his medium-term budget policy statement on Wednesday. He singled out the power utility as a source of particular concern for government, […]