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 Lead South Africa

South African ministers in Argentina for WTO conference

PRETORIA, December 9 – Trade and Industry Minister Rob Davies and Agriculture, Forestry, and Fisheries Minister Senzeni Zokwana, together with Deputy Trade and Industry Minister Bulelani Magwanishe have arrived in Buenos Aires in Argentina for the 11th World Trade Organisation (WTO) ministerial conference (MC11), the trade and industry department (dti) said on Saturday. The ministerial […]

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 […]