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

Markus Jooste to testify in Parliament on Steinhoff next week

PARLIAMENT, August 29- Former Steinhoff chief executive Markus Jooste has been given a week’s reprieve to appear and testify under oath before four parliamentary committees following an agreement reached at court on Tuesday. Parliament made public the court order which spells out an agreement reached between its lawyers and Jooste’s that the disgraced former Steinhoff […]

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 […]