Disgraced South African Firm Steinhoff's Audit Exposes the Rot
Steinhoff International is a retail holding company dealing mainly in furniture and household goods. In 2017 the shock resignation of CEO Markus Jooste prompted an investigation that revealed among others, that the group's profit and asset values had been falsely inflated by the executives for years. The firm will release its restated and audited financial results for 2017, giving investors insight into how a year-long forensic probe by auditing firm PricewaterhouseCoopers has altered the multinational retailer's financial position.
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. ... Read more »
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 »
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 ... Read more »
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