South Africa's Steinhoff Selling Assets to Pay Creditors
The Steinhoff collapse, considered to be the biggest corporate scandal the country has ever seen, has the firm now selling their stakes in various companies, to pay creditors. Major accounting irregularities that inflated company earnings for many years, surfaced after the sudden resignation of chief operating officer, Markus Jooste in 2017.
Steinhoff between 2009 and 2016, apparently created fictitious profit-boosting schemes totalling R106 billion, which is just under three times the net profit of the company over ... Read more »
The collapse of Steinhoff International, the multi-billion dollar global business group, has been rightly described as the biggest corporate scandal in South African history, ... Read more »
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