Steinhoff Archives - Voice of the Cape

NPA’s credibility questioned after receiving millions from Steinhoff

There’s growing concern among some political parties that the National Prosecuting Authority’s (NPA) decision to accept funds from international retail giant Steinhoff will compromise its credibility. The NPA has confirmed receiving more than R30-million from Steinhoff to investigate fraud in the company but says there is no conflict of interest. However, the Congress of the People’s spokesperson Dennis Bloem says the financial help will negatively affect the NPA’s ability to […]

6 March 2021

Local

Markus Jooste, three others, fined R241 million for Steinhoff insider trading

The Financial Sector Conduct Authority (FSCA) has imposed an administrative penalty of R161 million on former Steinhoff CEO Markus Jooste for breaching sections of the Financial Markets Act that prohibit an insider from disclosing inside information and/or encouraging or discouraging another person to deal in securities related to the inside information. These breaches are related to share transactions in Steinhoff International Holdings NV (Steinhoff) during November and December 2017. He […]

30 October 2020

Local

Christo Wiese suing Steinhoff for R59bn

Companies in dollar billionaire and former Steinhoff chairperson Christo Wiese’s Titan Group are suing Steinhoff for R59-billion. Titan Group served summons on Steinhoff International Holdings (Pty) Ltd‚ which is registered in South Africa‚ and Steinhoff International Holdings NV‚ which is registered in the Netherlands. They claim an agreement they entered into with Steinhoff International Holdings (Pty) Limited in 2015 was cancelled. In line with the agreement‚ the Titan Group subscribed […]

27 April 2018

Local

Crisis-hit Steinhoff cuts stake in South Africa’s KAP to 26 percent

Steinhoff will sell part of its $700 million stake in KAP industrial, it said on Tuesday, part efforts by the scandal-hit South African retailer to plug a liquidity gap. Steinhoff, which has more than 40 retail brands that include Conforama, Poundland and Mattress Firm, is fighting for survival after admitting“accounting irregularities” in December, wiping about 85 percent off its market value and throwing it into a liquidity crisis. The company […]

13 March 2018

Local

SA Steinhoff unit mulls early redemption of bonds

Steinhoff International Holdings NV [JSE:SNH] said one of its South African units is considering an early redemption of all notes in issue as the global retailer struggles to stay afloat amid an accounting scandal. Steinhoff Services' redemption of securities issued under a R15bn ($1.2bn) bond program will require pricing supplements to be amended and restated, the Frankfurt- and Johannesburg-listed company said in a statement after the market closed on Thursday. […]

12 January 2018

Local

Ratings agency Moody’s downgrades Steinhoff

International retailer Steinhoff has been downgraded by rating agency Moody’s. The rating agency downgraded Steinhoff to Caa1 corporate family rating which indicates high credit risk. The furniture retailer has 40 different brands in 40 countries. Steinhoff’s share price dropped more than 90% after its CEO reigned in December. It announced that PWC was investigating it for accounting irregularities and its audit results were placed on hold. Its woes seem far […]

29 December 2017

Local

Steinhoff says Christo Wiese has stepped down as chairman

Retail group Steinhoff, which is fighting for survival following its disclosure of accounting irregularities, said on Thursday that tycoon and major shareholder Christo Wiese had stepped down as chairman. Steinhoff said in a statement that Wiese had offered to resign to reinforce independent governance of the company and that the supervisory board had accepted his resignation "to address any possible conflict of interest that may exist". The company said Heather […]

15 December 2017

Local

‘We want the criminals arrested’: Cosatu on Steinhoff saga

Trade union federation Cosatu has expressed its anger over the reported accounting irregularities at household goods retailer Steinhoff. Steinhoff announced on Wednesday that CEO Markus Jooste was stepping down with immediate effect in connection with the irregularities. "The federation demands swift and decisive action to ascertain what transpired and for all the implicated parties to be held accountable. All those implicated in corruption and unethical behaviour should be prosecuted and […]

8 December 2017

Uncategorized

Government pensions to be hit hard by Steinhoff scandal

As the Steinhoff share price continues to plunge, government employees and pensioners are likely to feel the pinch. Investors have already lost more than a hundred billion rand in value. Moneyweb is reporting that the Government Employees Pension Fund will be hard hit. The fund has shares in the company which is managed by the Public Investment Corporation. It says this will affect provident and pension funds. It also reports […]

7 December 2017

Steinhoff

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