In this week's episode of Fin24's SA Money Report, we try to cut through the Gordian knot of recent developments complicating the Steinhoff saga.
To recap, this all began, at least in the public eye, in December 2017 with Markus Jooste’s shock resignation as CEO of the global furniture and household goods company. This lead to a catastrophic collapse of its share price, and wiped out R200 billion from Steinhoff’s market capitalisation amid what was at the time described as “accounting irregularities”.
The last time on this podcast we untangled the mess involving Steinhoff’s case against one of Jooste’s friends, Malcolm King, who helped Jooste allegedly defraud the retailer.
Over the last two-or-so weeks things have moved forward in quick succession in two seemingly contradictory processes involving Steinhoff – both aiming to bring some sort of finality to everything.
Helping us again to figure out what is going on here is Fin24’s investigative reporter and resident Steinhoff expert Jan Cronje.
Fin24's aim with this new, weekly series is to take complex issues and break them down in way that gives listeners an insight into a world that can often be impenetrable, either because of really dense figures, ratios and percentages - or because you need to navigate obscure financial terminology.
New episodes of the show, hosted by Fin24 deputy editor Ahmed Areff, will be released every Friday.