Despite what it may look like, the quality of life for most people who are able to emigrate deteriorates significantly, writes Melanie Verwoerd.
Steinhoff reported revenue growth of 2% for the nine months ended June 30.
Unaudited half-year financials released by Steinhoff on Friday, while far from positive, appear to have provided investors with a measure of clarity.
When things are broken, I want to fix them, says current Steinhoff chairperson Heather Sonn, who, until December, was running a small investment firm in Cape Town.
Absa's former CEO almost got booted off the supervisory board and forensic investigators found Steinhoff's aggressive deal-making inflated its income and asset value.
Steinhoff shareholders will get the opportunity to pose questions directly to the company’s leadership, when the global retailer holds its Annual General Meeting in the Netherlands.
The payments will be voted on at its annual general meeting, which is set to take place in April in the Netherlands, where the conglomerate is registered.
The embattled retailer announced in a trading update that its revenues for Q1 2018 had decreased by 5% over the same period last year.
Steinhoff share price rose from R2.22 to R3.00 during the course of a hearing on Wednesday, before closing at R2.75, as investors liked what they heard.
Steinhoff has written off the value of assets by €12.4bn (about R198bn) and counting, as the embattled retailer works out what it can salvage from the wreckage of an accounting scandal.
Steinhoff International’s acting chairperson likened the retailer to a burning building when the accounting scandal broke four months ago, appealing for shareholder support for an ongoing investigation into the smoldering wreckage.
Roughly 30 shareholders and shareholders representatives attended a live stream of the meeting in the Cape Town International Convention Centre (CTICC).
Chairperson Heather Sonn says Steinhoff does not want the proposal for once-off payments to detract from 'critical matters' to be considered at its upcoming Annual General Meeting.
Leaked emails appear to show evidence that former Steinhoff CEO Markus Jooste was in contact with German Steinhoff managers in 2014 about allegedly manipulating data.
Steinhoff International's response to an accounting scandal that wiped €11bn from the value of the global retailer, has been to assign three board members to keep a closer eye on corporate governance.
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