Jooste sacked as Steinhoff CEO

shame.. impossible task becoz of clever people involved hey..

https://www.fin24.com/Companies/Retail/live-parliament-to-be-briefed-on-steinhoff-20180131

"I can only say that cleverer people that this board have been duped before by people committing fraud."
That was one of the answers of former Steinhoff chairperson Christ Wiese to why Steinhoff's board had not flagged irregularities before December 2017.

He said that, until forensic auditors PwC, and the firm's statutory auditors had finalised their reports, it was impossible to know the extent and scope of the alleged fraud at the company.

"I can only refer to many instance around the world ... to detect fraud in a company is an extremely difficult if not impossible task".
 
rietrot said:
Did anyone open a criminal case? I would think some shareholder or the JSE needs to do that.
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In Germany and Netherlands I think, not 100% sure.

In SA, it’s under investigation.
 
AirWolf said:
Share price down R1 today.
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Why is that, that's a good 20% or so drop, now just above R4 a share.

Lol, Wiese just lost another few billion, he probably has a price out on Jooste's head and that's why Jooste has gone to ground.
 
Where are all the people that bought after the revelations against all advice?
 
AirWolf said:
Hopefully the restated results are a little positive and the share price recovers.
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Doesn’t really seem like it if it follows the current results.

-5% growth when the US and EU enjoys high economic growth...

-16% growth in the US.

http://www.steinhoffinternational.c...-results/Steinhoff trading update Q1 2018.pdf

The working capital also dried up.

http://ewn.co.za/2018/02/28/steinhoff-s-q1-revenue-falls-scandal-hits-working-capital

The other news is that fraud now goes back to 2014...

https://m.fin24.com/Companies/Retai...y-date-back-to-at-least-2014-reports-20180301
 
Hawks accuse Steinhoff of 'malicious compliance'

CAPE TOWN - A senior member of the Directorate for Priority Crime Investigation, more commonly known as the Hawks, on Wednesday accused multinational retailer Steinhoff of "malicious compliance" of the law.

The company was also accused of misleading Parliament in relation to the reporting of its fraudulent activities.

The global retailer has been in the spotlight after allegations of accounting irregularities emerged late last year.

In a briefing to four parliamentary committees, the head of the Hawks' specialised commercial crimes unit, Major-General Alfred Khana, contradicted Steinhoff officials.

Steinhoff executives had in January told members of Parliament (MPs) they had reported former chief executive officer (CEO) Markus Jooste to the Hawks for investigation and possible prosecution.

"To make it utterly clear, Steinhoff did not report this matter to the Hawks. Steinhoff gave us a section 34 report," Khana told MPs, referring to section 34 of the Prevention and Combatting of Corrupt Activities act, which compels people in positions of authority who suspect wrongdoing to report the matter to authorities.
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More at : https://www.enca.com/money/hawks-accuse-steinhoff-of-malicious-compliance
 
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