Steinhoff Africa Retail (STAR), a retailer servicing sub-Saharan Africa operating across several sectors, and listed on the Johannesburg Securities Exchange, is this week facing allegations of accounting irregularities which prompted its Chief Executive Officer Markus Jooste to resign. Steinhoff's leadership is now being led by the third wealthiest South African, billionaire Christo Wiese, even as he reportedly lost half of his personal wealth in a day in the Steinhoff share nosedive. The company acquired the services of Price Waterhouse Coopers to investigate the allegations. Wiese has since resigned from the company's supervisory board.
Steinhoff Accounting Scandal Dates Further Back
News24Wire, 2 January 2018
The accounting scandal rocking embattled Stellenbosch-based furniture and household goods retailer Steinhoff is still growing. Read more »
Christo Wiese Resigns from Steinhoff Supervisory Board
Steinhoff International, 15 December 2017
Steinhoff International Holdings N.V. (the "Company") - The Company is providing the following update further to its announcement dated 8 December 2018. Read more »
Steinhoff Saga Shows That Corporate SA Speaks With a Forked Tongue
Daily Maverick, 12 December 2017
Irregular accounting. Now there's an interesting turn of phrase for what is arguably the biggest financial scandal to which many hard-working people have fallen unwitting victim in… Read more »
Steinhoff International CEO Markus Jooste resigned with immediate effect after the retail giant's admission of financial irregularities that led to an investigation, and a drop of more than 60% in its shares.
Steinhoff Announces Probe Into Accounting Irregularities, CEO's Resignation
Steinhoff International Holdings N.V., 4 December 2017
Steinhoff International Holdings N.V.Incorporated in the NetherlandsRegistration number: 63570173Share Code: SNHISIN: NL0011375019("Steinhoff" or the “Company”) Read more »
Steinhoff High Tackle for SA Rugby?
News24Wire, 12 December 2017
The current financial uncertainty regarding Steinhoff International Holdings could have financial implications for South African rugby. Read more »
Namibia Exposed to Steinhoff Scandal
Namibian, 13 December 2017
NAMIBIAN insurance companies and pension funds that invested in South African retail giant Steinhoff could lose billions of dollars in the wake of the unfolding accounting scandal… Read more »
Ruling Party MP Calls for Action on Private Sector Corruption
ANC, 14 December 2017
Statement from Mr Nyami Booi MP, ANC Whip on Scopa: Read more »
EFF Statement on Steinhoff Fraud Investigation
EFF, 8 December 2017
The EFF notes the announcement by the public prosecutor’s office of Oldenburg in Germany announcement that it was still investigating possible accounting irregularities and… Read more »
Steinhoff a Star Listing On JSE
CAJ News, 20 September 2017
STEINHOFF Africa Retail (STAR) is the 14th company to list on the Johannesburg Stock Exchange (JSE) this year. It listed on the Broadline Retailers sub sector, whose total market… Read more »
Cosatu Statement On Steinhoff Corruption Saga
COSATU, 7 December 2017
The federation is worried because many of the workers retirement savings are invested in this company including PIC as one of the biggest investors. PIC has already lost billions… Read more »
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