It may be too little, too late, but Steinhoff has launched legal proceedings against its former CEO Markus Jooste and CFO Ben la Grange to claw back salaries and bonuses paid to them before the eruption of South Africa's biggest corporate scandal, writes Ed Stoddard for Daily Maverick.
South Africa: Steinhoff Raises R4.8 Billion in Share Sale
News24Wire, 27 March 2019
Steinhoff managed to raise R4.8bn by placing over 600 million of its shares in KAP Industrial Holdings on offer. Read more »
South Africa: Steinhoff Was a 'Good Buy' for PIC At the Time, Witness Tells Inquiry
News24Wire, 9 April 2019
The Public Investment Corporation regarded Steinhoff shares as a good buy when it extended R9.35bn to empowerment group Lancaster 101 to buy shares in the now fraud-tainted retail… Read more »
South Africa: Deloitte Firing May Reveal More Than Sygnia Would Like
Daily Maverick, 14 June 2019
It is almost two years since outspoken Sygnia CEO Magda Wierzycka fired auditor KPMG in 2017 for its role in State Capture. This earned her almost heroine-like status among some in… Read more »
First it was the furniture giant Steinhoff that with the help of creative accounting and auditing by firm KPMG, fooled shareholders with inflated year-end figures, then came Tongaat Hulett, the country's biggest sugar producer and where once again shareholders and investors were fooled into believing that all was well - this time auditing firm Deloitte has been responsible
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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.
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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 that period, writes Tim Cohen for Daily Maverick.
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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
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