Maimane fights back amid allegations

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[…]

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Christo Wiese suing Steinhoff for R59bn

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[…]

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SA Steinhoff unit mulls early redemption of bonds

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[…]

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Ratings agency Moody’s downgrades Steinhoff

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[…]

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Steinhoff says Christo Wiese has stepped down as chairman

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[…]

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‘We want the criminals arrested’: Cosatu on Steinhoff saga

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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