Retailer group Steinhoff International Holdings N.V. said on Thursday significant near-term liquidity was still required in some of its business units although it had has achieved some degree of stabilisation after revelations of accounting irregularities triggered a run on its shares in December.
Economist Iraj Abedian has described as tragic the fact that no one has been held responsible in both the political and business arenas for what he terms monumental damage to the economy.
International retailer Steinhoff has been downgraded by rating agency Moody’s.
An application by a leading bank group to have one of the companies of former Steinhoff CEO Markus Jooste liquidated is expected to be heard in the High court in Cape Town on Friday.
South African retail group Steinhoff, which is fighting for survival following its disclosure of accounting irregularities, said tycoon and major shareholder Christo Wiese has stepped down as chairman. Steinhoff said in a statement on Thursday that Wiese had offered to resign to reinforce independent governance of the company and that the supervisory board had accepted […]