Shareholders of retail giant Steinhoff are expected to voice their concerns regarding the losses incurred since the share price collapse was triggered in December.
Absa Bank, a wholly-owned subsidiary of Barclays Africa Group Limited (BGL), has distanced itself from compiling or reviewing the financial statements of Steinhoff International, saying that it was only the retailers’ Johannesburg Stock Exchange (JSE) transaction sponsor.
Former Steinhoff Chief Executive Officer Markus Jooste will be subpoenaed to appear before Parliament.
Parliament’s is seeking legal advice on how to balance the right of an individual to a fair trial with Parliament’s right to subpoena them when they refuse to appear before the House.
Deputy Reserve Bank Governor Kuben Naidoo says the collapse of Steinhoff does not pose a financial stability risk for the country.