Business In The News International South Africa

Angry shareholders demands answers about Steinhoff fraud scandal

Solly Makganoto Johannesburg-  Scandal-hit Steinhoff was on Friday grilled by thousands of angry shareholders during its Annual General Meeting (AGM) in Cape Town. The AGM took place in Amsterdam in the Netherlands, but was live-streamed to the Cape Town International Convention Centre (CTICC) by the embattled global retailer. Shareholders, many of whom lost large sums […]

In The News South Africa

Steinhoff board and management don’t know how accounting scandal happened

PARLIAMENT, January 31 – Steinhoff board and management members were on Wednesday unable to answer questions from MPs on exactly what led to the accounting scandal which saw the international company’s share price drop by more than eighty percent.   “Until we have those reports, not only from statutory auditors, but from the forensic investigations, […]

Business In The News South Africa

Steinhoff says it still requires near-term liquidity for some businesses

JOHANNESBURG, January 5 – Retailer group Steinhoff International Holdings N.V. said on Thursday significant near-term liquidity was still required in some of its business units although it had has achieved some degree of stabilisation after revelations of accounting irregularities triggered a run on its shares last month.     Steinhoff said its CFO Ben la […]

Business In The News South Africa

Steinhoff appoints execs to steady company as it grapples with accounting scandal

JOHANNESBURG, December 19 – Retail group Steinhoff said on Tuesday it had appointed Heather Sonn as acting Chair of the company following Christo Wiese’s resignation amid an accounting scandal. The company said Sonn was also a member of the independent committee of the supervisory board – including Dr. Johan van Zyl and Dr. Steve Booysen […]

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 […]

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 […]

In The News South Africa

Steinhoff adds liquidity after CEO quits over accounting scandal, triggering sell-off

JOHANNESBURG, December 7 – Retail holding group Steinhoff said on Thursday it had received expressions of interest in non-core assets which would release a minimum of €1billion of liquidity into the company. In a statement released through the JSE exchange’s information service on Thursday, Steinhoff also said there was no evidence to suggest CFO Ben La Grange […]

Business In The News South Africa

Steinhoff says CEO resigns, seeks independent probe into accounting irregularities

JOHANNESBURG, December 5 – Retail holding company Steinhoff said on Wednesday its CEO had resigned and that it had asked for an investigation into accounting irregularities. “New information has come to light today which relates to accounting irregularities requiring further investigation. The Supervisory Board, in consultation with the statutory auditors of the Company, has approached PWC […]