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 South Africa

Steinhoff Africa Retail to revert name back to Pepkor

JOHANNESBURG, May 30 – Steinhoff Africa Retail (STAR) announced on Tuesday, that its board has taken a decision to change the company’s name back to Pepkor Holdings, subject to shareholders approval, in a bid to reaffirm the company’s independence from scandal-hit Steinhoff International. Earlier, STAR reported a 12.2 percent increase in headline earnings per share to 52.6 cents for the six […]

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 […]

Business In The News South Africa

Absa Bank denies role in Steinhoff shareholders’ losses

JOHANNESBURG, April 19 – Absa Bank, a wholly-owned subsidiary of Barclays Africa Group Limited (BGL), has distanced itself from compiling or reviewing the financial statements of Steinhoff International, saying that it was only the retailers’ Johannesburg Stock Exchange (JSE) transaction sponsor. This comes after media reports that Dutch Investors Association (VEB) in January launched a class action against […]

Business In The News South Africa

Steinhoff sells 6% stake in STAR, raises R3.75billion

JOHANNESBURG, April 12 – Embattled retailer Steinhoff International said on Thursday that it had raised R3.75 billion after selling off six percent its domestic subsidiary, Steinhoff Africa Retail Limited (STAR), in a bid to reduce debt. Steinhoff on Wednesday launched an accelerated book build offering to place up to 200 million ordinary shares in STAR at R18.75 per share […]

Business Lead South Africa

Former Steinhoff CEO Mark Jooste refuses to appear before SA Parliamentary committees

JOHANNESBURG, March 27 – Former Steinhoff International chief executive, Mark Jooste, on Tuesday refused to appear before four Parliamentary committees probing the accounting irregularities scandal, saying that his appearance would undermine his right to a fair trial. Jooste was supposed to appear before the Standing Committee on Finance; the Standing Committee on Public Accounts; the […]