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Steinhoff’s effort to rescue its European business has been delayed after a challenge from a company linked to Andreas Seifert, the beleaguered retailer’s latest opposition from its former Austrian partner.
Former Steinhoff CEO Markus Jooste, who resigned as a financial scandal erupted, put one of his luxury Western Cape residences on the market.
South Africa is investigating a R9bn loan made by the Public Investment Corp. to a black empowerment partner of embattled retailer Steinhoff International.
It’s exactly a year since Markus Jooste quit as chief executive officer of Steinhoff International Holdings NV at the start of an unfolding accounting scandal and share-price collapse.
Steinhoff International Holdings NV’s efforts to allay investors’ fears and publish audited earnings by the end of the year were dashed after auditor PwC’s long-awaited probe into the retailer’s books was postponed until the end of February.
The collapse of Steinhoff International, the multi-billion dollar global business group, has been rightly described as the biggest corporate scandal in South African history.
The Steinhoff business Mattress Firm held a vital clue that the company was heading for trouble.
Bloomberg has provided a glimpse of what it was like for South African businessman billionaire Christo Wiese in the first 48 hours that he realised that his friend Jooste had apparently pulled the wool over his – and other directors’ – eyes.
The R5 million fine imposed on Pepkor by the JSE may make investors nervous about the potential of other, as-yet-unknown problems related to Steinhoff.
Steinhoff International’s battle to stabilise itself received a boost as troubled US bedding chain Mattress Firm emerged from bankruptcy with $525 million in funding to support operations.