The scandal-hit retail giant, Steinhoff, faces an uncertain future after its former chairman, Christo Wiese, announced he would sue the company for R59 billion.
Businessman Christo Wiese stunned crisis-hit Steinhoff with a $5 billion lawsuit on Thursday, sending shares of the South African multinational retailer fighting for survival after it uncovered accounting irregularities down 17 percent. The 59 billion rand ($5 billion) claim is the latest setback for the retailer in which Wiese was chairman and biggest shareholder until […]
South African retailer Steinhoff said on Thursday it agreed to sell a 50 percent stake in German furniture chain POCO to Andreas Seifert, settling a German lawsuit on the ownership of the business. Seifert claims half-ownership of POCO, while Steinhoff had said he had to be bought out due to unspecified actions by his company, […]
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.
SCOPA, Finance and Trade & Industry Committees have a follow-up meeting with Steinhoff. Disgraced CEO Marcus Jooste’s attorney informed Parliament that he won’t be present, so the committees will have to decide how to deal with him.
Steinhoff said it would sell 450 million shares, or 17 percent stake, in KAP via an accelerated bookbuild.
Deputy Reserve Bank Governor Kuben Naidoo says the collapse of Steinhoff does not pose a financial stability risk for the country.
Steinhoff, although Dutch registered, and listed on the Frankfort and Johannesburg stock exchanges, was regarded as a South African corporate success story.