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In 2017, the Steinhoff share price collapsed as its former CEO Markus Jooste, walked away from the company. Jooste resigned amid allegations of financial irregularities. As forensic auditors have picked through records and followed the trail of money in a complex web of transactions, it emerged that Jooste had been presiding over one of South Africa’s biggest cases of corporate fraud. With hindsight, the clues were there that all was not well within the multinational retail group built by Stellenbosch-based business players. But Jooste, his former pal Christo Wiese and the others who ran the Steinhoff show were revered by analysts, who couldn’t see past the smoke and mirrors. Finally the details of what went on behind the scenes is spilling out into the open. Listen to the insiders and experts as they share the details. – Jackie Cameron
Chair Heather Sonn – Investor presentation conceived over 20 months
Embattled Steinhoff lifted its veil yesterday for the first time since the once mighty group brought to its knees after the disclosures of massive fraud and corruption conducted over more than a decade. It wasn’t pretty. Punters who had pushed the share price to 148c ahead of the presentation were licking their wounds as the price fell sharply as the depth of the problem was exposed, with the shares closing the session at 124c, It has taken literally hundreds of skilled financial investigators a full 20 months to “straighten the plate of spaghetti” ahead of the first presentation to investors since the bombshell exploded in December 2017. Here’s the first of the clips from the meeting – an overview from chairperson Heather Sonn.
UCT Accounting prof Alex Watson: Unravelling Steinhoff’s Gordian Knot
Here’s the presentation by recently appointed board member, the UCT Accounting Professor Alex Watson who explains the complexities of the Markus Jooste accounting system – and how this Gordian Knot was unravelled.
Steinhoff CFO Philip Dieperink: On legal claims, Jooste’s financial shenanigans
Here’s the presentation by outgoing CFO Philip Dieperink.
CEO Louis du Preez: Where we are – and the road ahead for Steinhoff
In this clip, CEO Louis du Preez explains where Steinhoff is today – and what the road ahead looks like.
Steinhoff execs answer investors: Q&A at the Investor Presentation
After an hour and a half of presentations by Steinhoff executives and directors, investors got the opportunity to pose their questions. The spontaneous nature of this part ensures that it is often the most interesting part of any presentation, especially for smaller Steinhoff shareholders hoping to pick up some guidance from the professionals.
Cyril Ramaphosa: The Audio Biography
Listen to the story of Cyril Ramaphosa's rise to presidential power, narrated by our very own Alec Hogg.