The one positive of this, even if some of it is depressing, is that there'll be life on the other side, writes Adriaan Basson.
Measures implemented to try and combat the spreading of the coronavirus pandemic have resulted in reduced turnover for Steinhoff International Holdings.
The Stellenbosch-headquartered retailer is set to update investors on the status of its turnaround plan, after a dramatic plunge in its share price shrank its market capitalisation by over R200bn.
The group had delayed publishing its 2017 and 2018 earnings reports to give auditors PwC time to complete a 15-month forensic probe into its books.
The Stellenbosch-headquartered retailer has predicted that its audited 2018 financial results would show reduced net sales due to disposals, a weak global economy, strong competition and reputational damage.
Steinhoff's former chief executive officer received almost $2.4m of bonuses without required approvals in the months before the global retailer almost collapsed amid an accounting crisis.
Steinhoff is set to release its restated and audited financial results for 2017 on Tuesday, giving investors insight into how a yearlong forensic probe by PwC has altered the multinational retailer's financial position.
Steinhoff International Holdings said its French furniture retail unit Conforama Holdings SA has raised a total of about $356 million to ensure the stability of its capital structure and operations after debt rose and revenue fell.
The market conduct regulator says Steinhoff has agreed to give it documents that will aid its investigation into alleged insider trading, market manipulation, and false and misleading information.
After gaining 10% earlier in the week, shares in Steinhoff have returned to where they were trading before the multinational retailer released an overview of the PwC forensic report into its books.
From naming former Steinhoff CEO Markus Jooste as one of eight executives implicated in the PwC forensic report, to arguments around who can have access to the 15 000-page document, here are four things to know from Steinhoff's first appearance before Parliament in 2019.
The Stellenbosch-headquartered retailer has given its first public investor presentation since its share price plunged in late December 2017 at the start of an accounting scandal.
Steinhoff has filed papers in the Cape Town High Court in an attempt to claw back hundreds of millions of rands from its former CEO Markus Jooste and its ex-CFO Ben la Grange, according to the Financial Mail.
The Stellenbosch-headquartered conglomerate published its delayed 2018 earnings report on Tuesday evening after the close of SA markets.
Steinhoff says its ability to operate as a going concern is under threat from a range of challenges including mounting legal claims and a debt load that the company is working to restructure.
The embattled retailer previously announced it would publish the long-awaited results on Tuesday, which would set out its restated financial position for 2017 in the wake of a forensic probe.
Steinhoff has raised the possibility of negotiated settlements as it faces a number of class-action style lawsuits and litigation claims over the precipitous plunge in its share price.
Steinhoff announced on Tuesday morning that it had reached an agreement with an investment group suing it and that legal action would again be temporarily halted for six weeks.
Steinhoff’s caretaker board and management have not risen to the challenge of good corporate citizenship, says Ferial Haffajee.
Steinhoff’s former chief financial officer is working with authorities as they investigate questionable transactions that brought the global retailer to the brink of collapse.
Follow our live updates from Parliament where Steinhoff executives, the Hawks, the NPA and other regulatory bodies have been briefing Parliament on the status of investigations into the group.
BellvilleTumaini ConsultingR300 000.00 Per Year
Cape TownLiberty Financial Advisers
R 4 800 000
R 2 950 000
R 2 650 000
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