Business In The News South Africa

Parliament’s watchdog wants Steinhoff, PIC to be called to account to MPs

CAPE TOWN, December 11– Parliament’s standing committee on public accounts (Scopa) on Monday said it planned to call executives for embattled retailer Steinhoff and the Public Investment Corporation (PIC) to account before Members of Parliament (MPs) early next year.   “Parliament cannot be a spectator in this unfolding drama, as the laws of the country, […]

Business In The News South Africa

Troubled retailer Steinhoff appoints independent financial, operational advisors

JOHANNESBURG, December 11– International retail company Steinhoff, which has been caught up in an accounting irregularities scandal, on Monday said it has appointed Moelis & Company and AlixPartners as independent financial advisor and operational advisor respectively.     The beleaguered company also announced that it was rescheduling its regular annual lender meeting in London to […]

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 accounting scandal sinks shares, CEO exits

JOHANNESBURG, December 6 – Steinhoff International’s shares crashed on Wednesday after it revealed accounting irregularities and its CEO quit, shocking investors who had backed the rapid reinvention of a South African furniture chain into an international retail empire.     The company said late on Tuesday that “new information has come to light today which […]

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 […]