There’s growing concern among some political parties that the National Prosecuting Authority’s (NPA) decision to accept funds from international retail giant Steinhoff will compromise its credibility. The NPA has confirmed receiving more than R30-million from Steinhoff to investigate fraud in the company but says there is no conflict of interest.[…]
The Financial Sector Conduct Authority (FSCA) has imposed an administrative penalty of R161 million on former Steinhoff CEO Markus Jooste for breaching sections of the Financial Markets Act that prohibit an insider from disclosing inside information and/or encouraging or discouraging another person to deal in securities related to the inside[…]
Democratic Alliance leader Mmusi Maimane says he won’t bow down to the Institute of Race Relations (IRR). IRR analyst Hermann Pretorius published an opinion piece calling on Maimane to resign as party leader and for Western Cape premier Alan Winde to replace him. Winde has since clarified that he is[…]
Former Steinhoff CEO Markus Jooste will make his first official public appearance, since his abrupt resignation in December over accounting irregularities, when he appears before Parliament on Wednesday. Last week an agreement was reached between lawyers for Jooste and Parliament for him to appear, after a subpoena was issued to[…]
Companies in dollar billionaire and former Steinhoff chairperson Christo Wiese’s Titan Group are suing Steinhoff for R59-billion. Titan Group served summons on Steinhoff International Holdings (Pty) Ltd‚ which is registered in South Africa‚ and Steinhoff International Holdings NV‚ which is registered in the Netherlands. They claim an agreement they entered[…]
Steinhoff will sell part of its $700 million stake in KAP industrial, it said on Tuesday, part efforts by the scandal-hit South African retailer to plug a liquidity gap. Steinhoff, which has more than 40 retail brands that include Conforama, Poundland and Mattress Firm, is fighting for survival after admitting“accounting[…]
Steinhoff International Holdings NV [JSE:SNH] said one of its South African units is considering an early redemption of all notes in issue as the global retailer struggles to stay afloat amid an accounting scandal. Steinhoff Services’ redemption of securities issued under a R15bn ($1.2bn) bond program will require pricing supplements[…]
International retailer Steinhoff has been downgraded by rating agency Moody’s. The rating agency downgraded Steinhoff to Caa1 corporate family rating which indicates high credit risk. The furniture retailer has 40 different brands in 40 countries. Steinhoff’s share price dropped more than 90% after its CEO reigned in December. It announced[…]
Retail group Steinhoff, which is fighting for survival following its disclosure of accounting irregularities, said on Thursday that tycoon and major shareholder Christo Wiese had stepped down as chairman. Steinhoff said in a statement that Wiese had offered to resign to reinforce independent governance of the company and that the[…]
Trade union federation Cosatu has expressed its anger over the reported accounting irregularities at household goods retailer Steinhoff. Steinhoff announced on Wednesday that CEO Markus Jooste was stepping down with immediate effect in connection with the irregularities. “The federation demands swift and decisive action to ascertain what transpired and for[…]
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