SA expects decisive leadership from the president, including the fight against Covid-19 and holding his Cabinet to account, writes Mpumelelo Mkhabela.
Rain showers. Mostly cloudy. Mild.
EOH, much like Steinhoff, shows how big growth stories can attract investors – while providing cover for crooks.
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.
Markus Jooste's legal team indicated on Wednesday that he would be opposing Steinhoff's civil claim of around R858m.
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.
Accounting scandals are spurring auditors to weigh tougher measures for the profession, says Bernard Agulhas, the head of SA’s Independent Regulatory Board for Auditors.
Steinhoff’s collapse caught most market players by surprise, inflicting serious damage. Lucas de Lange explains how to read the danger signs beforehand.
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.
Lancaster 101 has launched legal proceedings against Steinhoff to reclaim the R12bn it invested in the disgraced retail giant.
The main investor concern is whether it can outlive the many legal claims coming its way.
The former CEO of the scandal-plagued global retailer is being sued for allegedly enticing a trust to swap its shares in the PSG Group for Steinhoff shares in June 2015.
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.
Bernard Mostert, one of the former owners of Tekkie Town, told Fin24 that "when we are successful against Steinhoff, Steinhoff will rely on this motion to claim damages from Jooste".
Shares in the embattled Stellenbosch-headquartered retailer fell 7% on news it is facing a mass investor lawsuit in Germany.
Steinhoff International was for many years run by a board of tight-knit people, many of whom had done business together for decades.
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 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.
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