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Scandal-hit Steinhoff posts $4 bln operating loss for fiscal 2017
Steinhoff, which is also listed in Frankfurt, delayed the results after finding holes in its accounts, shocking investors who had backed its reinvention from small South African furniture outfit into a discount furniture retailer straddling four continents.
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Steinhoff set to release 2017 results, shares rise
Steinhoff had to put off the publication of its results after a $7.17 billion accounting fraud that stunned investors in the group.
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Understaffing putting PIC at risk, says legal exec
Head of legal services at PIC Lindiwe Dlamini detailed how the corporation lost billions of rand after it failed to protect its investment when it bought shares at scandal-hit Steinhoff.
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PIC lost billions buying into Steinhoff without following procedure - Dlamini
The PIC spent R9.3 billion in the venture five months before the collapse of the international retailer.
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Steinhoff seeks claimants to reveal identities to negotiate settlements
Former chairman and top shareholder Christo Wiese had said last month he is open to negotiations over a $4 billion claim against the company, days after it revealed the scale of a devastating accounting fraud.
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SA clears 3 more accounts of Steinhoff insider trading
The accounts were among scores suspected of insider trading after Steinhoff’s stock turned volatile before the company disclosed massive accounting irregularities in December 2017.
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Gill Marcus concerned about extent of PIC damage caused by Steinhoff collapse
The PIC bought shares worth R9.3 billion off Steinhoff through a loan with black empowerment company Lancaster 101 in 2016.
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R9.3bn loan to Lancaster 101 for Steinhoff shares above board - PIC official
The loan was approved by former CEO Dan Matjila long before revelations of the fraud scandal that led to the collapse of Steinhoff.
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Steinhoff investors to extend suspension of legal battle
Steinhoff said the legal proceedings, which were suspended in October last year, would be further suspended until 15 May 2019.
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Ben la Grange cooperates with authorities on investigations into Steinhoff
La Grange was suspended last August but remains on the Steinhoff payroll as a consultant.
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Markus Jooste must be prosecuted for role in Steinhoff scandal, say MPs
Members of Parliament want Jooste prosecuted for his role in the country’s biggest corporate scandal to date and for him and his associates to be jailed as soon as possible.
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Steinhoff: Implicated executives will be held accountable
Steinhoff was on Tuesday forced by four parliamentary committees to reveal the names of its former executives, including disgraced former CEO Markus Jooste and four other men outside Steinhoff, implicated by PwC’s forensic investigation into the scandal.
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Steinhoff must release full PwC report on fraud, corruption
Steinhoff has, so far, only released an 11-page summary of the 3,000-plus page report and did not name the former executives involved.
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Steinhoff bosses forced by MPs to reveal names of execs implicated in PwC report
Disgraced former CEO Markus Jooste’s name is among them, along with former chief financial officer Ben la Grange and former executives Dirk Schreiber and Stehan Grobler.
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Steinhoff ex-chairman Wiese open to talks over $4 bln claim
The South African retailer said on Friday that an independent report had found it had overstated profits over several years in a $7.4 billion accounting fraud involving a small group of top executives and outsiders.
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Steinhoff overstated profits for several years - PwC investigation
In February, Steinhoff reported a slight rise in quarterly sales and said its business was still suffering from the effects of accounting fraud.
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Steinhoff’s quarterly sales rise 3%
Steinhoff was thrown a lifeline last July when its creditors agreed to delay debt claims for three years.
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Steinhoff gets shareholder petition for inquiry before Dutch court
The company has been in the middle of a clean-up of its balance sheet after discovering multi-billion euro holes in its balance sheet more than a year ago.
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[LISTEN] GEPF writes off R4.3bn investment. Here's why
The Money Show’s Bruce Whitfield interviews Abel Sithole, principal executive officer at the Government Employees Pension Fund over its investment decisions.
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Saftu calls on NPA to prosecute former Steinhoff CEO Markus Jooste
Saftu has joined calls for the prosecution of former Steinhoff CEO Markus Jooste after the Government Employees Pension Fund had to write off massive investments as a result of the collapse of Steinhoff’s share price last year.
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Steinhoff appoints Louis du Preez as new permanent CEO, shares soar
Du Preez will replace acting CEO Danie van der Merwe who will step down at the end of December.
