🔒 David Shapiro on Steinhoff’s Heather Sonn and the drawn out investigation; plus a slow fashion pick up
Biznews founder Alec Hogg dives into Markus Jooste’s Steinhoff leftovers with South Africa’s favourite market analyst David Shapiro.
Biznews founder Alec Hogg dives into Markus Jooste’s Steinhoff leftovers with South Africa’s favourite market analyst David Shapiro.
Heather Sonn has tendered her resignation from all functions at the Steinhoff Group, and specifically as the Chairperson of both the Company and Steinhoff Investment Holdings.
Steinhoff has successfully placed the KAP shares at a price of R6.85 per placing share raising total gross proceeds of R4.8bn.
Steinhoff is examining how much lost cash from inflated asset deals is recoverable and identifying agreements made outside market rates as the embattled retailer sifts through the wreckage of an accounting scandal.
Steinhoff has informed shareholders that accounting irregularities go back further than the 2017 financial statements. Therefore, the 2016 financials should be disregarded.
After copping some justifiable flack for a lack of communication after Wednesday’s bombshell announcement, Steinhoff has kicked off what will hopefully be a stronger communication flow through a couple of statements on the Stock Exchange News Service.