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 in discussions with potential funders for liquidity

JOHANNESBURG, January 19 – Steinhoff, which is still grappling with a liquidity crunch after accounting irregularities caused investors to flee, said on Friday it was in discussions with potential funders to provide liquidity facilities, including existing creditors and investors. The company said it expected to be in a position to pay cash interest on all […]

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

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

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

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 […]