Scandal-hit retailer Steinhoffcontinues to fight multiple battles in court, including with its former chairman, South African billionaire Christo Wiese.
This one is for the history books.Steinhoff was one of Africa’s fastest-growing furniture retailers. Its board comprised some of the continent’s richest people. It had accumulated more than 12,000 stores in 30 countries over five continents and employed 130,000.
It was the darling of investors until people found out it set up companies off the balance sheet to hide losses and inflate earnings. Its share prices dropped in Frankfurt and Johannesburg nearly 90% and the company earned itself a spot on the lists of the most scandalous companies of 2017.
Since the news of accounting irregularities broke in December 2017, many thought the company would close its doors but it remains a stubborn survivor.
“The goal is to find out exactly what went wrong. I think auditors didn’t ask the right questions because at the end of the day, all you can do is rely on audited numbers. If that is not done correctly, it doesn’t bring confidence to the investment community. I also think directors didn’t look enough at what Markus Jooste was saying. A few people I have spoken to say Markus Jooste was a very charismatic and convincing man. Many people took what he said on face value and didn’t look further,” says Michael Treherne, Portfolio Manager, Vestact.
Now, Steinhoff is fighting many battles in court and on the stock exchanges to keep its doors open. One of the battles is with its former chairman Christo Wiese.
In an unexpected turn of events, Wiese served summons on Steinhoff International Holdings, a company he was part of until his resignation in December when the scandal broke. Through his company, Titan Group, he is claiming R59 billion ($4.37 billion) for investments made in 2015 and 2016.
هذه القصة مأخوذة من طبعة July 2018 من Forbes Africa.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة July 2018 من Forbes Africa.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
TRACK, WATCH, BEFRIEND
IN THE PRISTINE WILDERNESS OF GABON ARE THE MAJESTIC AND GENTLE WESTERN LOWLAND GORILLAS. A FIRSTHAND REPORT FROM OUR TRAVEL WRITER ON WHAT GOES INTO HABITUATING THEM.
CHALLENGING BUT NECESSARY: THE AI BALANCING PROBLEM
Artificial intelligence (AI) continues transforming many industries, providing unprecedented opportunities for innovation and efficiency. However, these advancements bring complex challenges that necessitate a delicate balancing act.
BEYOND ACADEMIA: THE SOCIETAL IMPACT OF MULTILATERAL EDUCATIONAL COLLABORATIONS
The great poet William Butler Yeats once said, \"Education is not the filling of a pail, but the lighting of a fire.\"
The Business Of Dance: Embracing One's Individuality And Style
In the dynamic world of street dance, passion and perseverance pave the way for success. Living out this ethos is South African born B-girl turned businesswoman, Courtnaé Paul.
COMPASSION FATIGUE: THE DANGEROUS DESCENT FROM HELPING TO HURTING
It is a workplace reality that caring too much for your colleagues can hurt you.
IT HAS NEVER BEEN MORE CRITICAL TO FIND OUR NICHE
Have you found your niche? I received a lot of advice when I set up my company, but perhaps the most important consisted of just three words: Find Your Niche.
HOW TO MAKE AFRICA WIN OFF THE FIELD TOO
When all else fails, try sports. It's good for the soul.
BEAN THERE, DONE THAT
British author Roald Dahl tapped into every chocoholic's imagination when creating Willy Wonka's bizarre chocolate factory in his 1964 children's novel Charlie and the Chocolate Factory.
IT DOESN'T GET ANY BETTER THAN WORKING WITH AL PACINO ON BROADWAY'
Arnold Vosloo Actor
BLENDED FINANCE: BRIDGING THE GAP IN EMERGING MARKETS IN SUPPORT OF THE SDGS
Amid the widespread global support for the United Nations' Sustainable Development Goals (SDGs), there was an underlying concern among economists and financial advisors in the emerging and frontier markets: public sector and donor funds were stalled, if not regressing, and the funding gap to realize the SDGs was increasing.