Steinhoff Saga - South Africans Face Fraud Charges in Germany
Furniture giant Steinhoff misrepresented its balance sheets to shareholders for a number of years. Three years and three months after Steinhoff auditor Deloitte refused to sign off on the company's accounts, triggering the resignation of the CEO Markus Jooste and the implosion of the company's share price, German authorities have reportedly indicted four people on charges of balance sheet manipulation. German publication, Manager Magazin, has reported that German prosecutors have completed their criminal investigation into balance sheet manipulation at Steinhoff, which has a primary listing on the Frankfurt Stock Exchange. Sasha Planting writes for Daily Maverick, that authorities have refused to identify who exactly has been indicted. However, speculation is that former CEO Markus Jooste, two other Steinhoff insiders and one "outsider" will be charged. Jooste was also slapped with a hefty fine for insider trading when he warned a friend a day before the Steinhoff saga was exposed, to sell his shares. The South African government convened several inquiries into Steinhoff and the biggest corruption case in the country's history. As yet, no court case has been heard. Many pension fund managers had invested in the firm, losing their members' pensions.
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South Africa:
Steinhoff Implosion - Balance Sheet Fraud, It Appears, Is Taken Seriously in Germany
Daily Maverick, 4 March 2021
Three years and three months after Steinhoff auditor Deloitte refused to sign off on the company's accounts, triggering the resignation of the CEO and implosion of the share price,… Read more »
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South Africa:
NPA Dealing With Steinhoff Matter Without Fear or Favour
SAnews.gov.za, 4 March 2021
Justice Minister Ronald Lamola says the National Prosecuting Authority is prioritising the Steinhoff matter and that it is dealing with it without fear, prejudice or favour. Read more »
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Africa:
The R161-Million SMS - FSCA Slaps World's Second-Largest Fine On Jooste for Steinhoff Insider Trading
Daily Maverick, 30 October 2020
The Financial Sector Conduct Authority (FSCA) has fined former Steinhoff CEO Markus Jooste R121-million for insider trading related to the imminent (at the time) crash in Steinhoff… Read more »
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South Africa:
Steinhoff and Tongaat Hulett Fraudsters Firmly in Financial Sector Conduct Authority's Sights
Daily Maverick, 9 July 2020
As new management teams at Steinhoff and Tongaat slowly but steadily repair the damage done to these companies, the law may yet catch up with the perpetrators. Read more »
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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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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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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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 ... Read more »
(file photo).