Steinhoff’s accounting Gordian Knot trying the patience of global creditors

By Alec Hogg

Spent yesterday catching up on the latest developments at Steinhoff in researching my story for Premium subscribers. It soon became apparent why speculators on the JSE have become obsessed with the counter. Steinhoff shares have been bouncing around like a golf ball on concrete.

A Steinhoff International Holdings NV logo sits on display outside the company’s offices in Stellenbosch, South Africa. Photographer: Waldo Swiegers/Bloomberg

Yesterday the price fluctuated between 475c and 600c – a range of 26%. Before Christmas the volatility was even greater, intra-day variations of 50% recorded on a couple days when the number of deals ran into tens of thousands.

Presumably everyone punting the stock is doing so on the basis of some theory. But like Bitcoin’s believers, they’re playing a very dangerous game. Even an army of external auditors are unable to say how far back Steinhoff’s accounting irregularities stretch. Nor can they even say when they might be able to provide some clarity.

Steinhoff’s accounts are taking on the proportions of antiquity’s Gordian Knot. Historians tell us that after trying in vain to undo it, a frustrated Alexander the Great took a sword to unravel that famous twisted fastening. Hopefully Steinhoff’s angry creditors will exercise more patience.

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