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South Africa: Steinhoff Still Alive and Kicking
Daily Maverick, 30 August 2019
The embattled household goods retailer is delivering growth against all odds, and will live to see another day. Read more »
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South Africa: Govt Pension Fund Could Take U.S.$784 Million Hit From Steinhoff Share Collapse
Daily Maverick, 15 August 2019
The bruising loss could have been minimised if the Public Investment Corporation (PIC) hadn't sold its derivative insurance structure that protected it against a collapse in the… Read more »
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South Africa: Steinhoff Corporate Fraud Beyond What Anyone Envisaged, Inquiry Hears
News24Wire, 15 August 2019
Lancaster Group's investment into Steinhoff in 2016 was "disrupted" by the corporate fraud at the multinational retailer, the PIC commission of inquiry heard. Read more »
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South Africa: A 'Dear Friend' SMS From Markus Jooste Adds to His Steinhoff Woes
allAfrica, 6 August 2019
A 'Dear Friend' SMS of apology from Markus Jooste days before the news of the Steinhoff firm's rot was exposed, has been handed in as evidence in a court case that is seeing the… Read more »
Markus Jooste, Steinhoff, Corruption and the Long Arm of the Law
South African Markus Jooste is the former chief executive officer at Steinhoff a firm that lost billions of U.S. dollars when a closer inspection of its financials revealed that figures had been inflated to paint a rosy picture for investors and shareholders. The firm's audit for 2017 also had to be redone after irregularities were found. In court currently, trustees of a group called Le Toit Trust, that invested over U.S.$49 million with Steinhoff is suing Jooste in his personal capacity, as well as other directors for damages. Jooste may also be facing charges of insider trading for tipping off a friend to sell his shares in Steinhoff, days before the scandal broke.
Markus Jooste, Steinhoff International's former chief executive officer
InFocus
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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 Read more »
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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 ... Read more »
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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 ... Read more »
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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. ... Read more »
