Jooste sacked as Steinhoff CEO

Vrotappel said:
LOL and lose a lucrative contract?

It's time to rotate auditors on a 3 year basis. When auditors audit the same company year in year out there is no thing such as independence.
Click to expand...

There can’t be any independence from the start since they’re paid by the one they audit. That system is completely dumb.

They should be chosen and paid by the stock exchange on which the company is listed and the cost included in the annual listing fees for example.

It’s like if the seller was ordering the due diligence to be given to the buyer.
 
https://www.dailymaverick.co.za/art...ooste-and-la-grange-hawks-still-badly-behind/

On Tuesday, both Jooste and La Grange were named in Parliament as being among the eight individuals the PricewaterhouseCoopers (PwC) forensic audit had identified as central to irregular and fictional transactions. The two were named alongside two other Steinhoff executives – Dirk Schreiber and Stéhan Grobler – and four others: ex-Steinhoff Europe CFO Siegmar Schmidt, Jean-Noel Pasquier, Geneva-based ex-banker Alan Evans and Davide Romano.
Click to expand...
 
EXCLUSIVE: Pay back the money: Steinhoff demands R870m from Markus Jooste
https://www.businesslive.co.za/amp/...y-steinhoff-demands-r874m-from-markus-jooste/

Steinhoff looks set to make yet more corporate history.

In an unprecedented move it is claiming R870m from former CEO Markus Jooste and an additional R272m from former CFO Ben la Grange for "unjustified enrichment".
On top of those hefty bills the furniture retailer is demanding interest and legal costs from the two former executives.
Click to expand...
 
Chris_the_Brit said:
Little chance of that happening. All these super rich folks know how to hide money. Or more specifically, they hire people who know how to hide money.
Click to expand...
Time will tell. He's already had to sell assets to pay debts.

R13... said:
Why aren't any of them in jail yet?
Click to expand...
There is an ongoing investigation. The problem is proving everything to the standard required for imprisonment.
 
Steal steal steal, they just can't stop stealing and no amount is ever enough.
 
ForceFate said:
https://www.iol.co.za/news/south-africa/saica-suspends-markus-joostes-membership-29886171
Click to expand...

The Fin24 version made it sound like a Monty Python skit: https://www.fin24.com/Economy/saica-suspends-jooste-amid-disciplinary-proceedings-20190725
SAICA said that lawyers for Jooste gave the accountancy body his resignation letter last week.

But the group resolved not to accept Jooste’s resignation and to suspend his membership instead, pending the finalisation of disciplinary proceedings against him.
Click to expand...

"Moreover, SAICA has pointed out to Jooste's lawyers that their client cannot avoid the disciplinary inquiry that SAICA has decided to initiate against Jooste by handing in his resignation."
Click to expand...
 
HeftyCrab said:
Bit of a derail here, but how is easy is it to report a CA of corrupt dealings and doing things that are unethical? Say I perhaps know of someone and want to report them to SAICA.
Click to expand...

Last year I spoke to a retired auditor while out dog walking, after a big story broke (Guptas, KPMG, Trillian?) He frankly said the governing body is pretty toothless. Most self-regulating professions are like that...
 
How not to invest: Borrow billions. Buy Steinhoff shares. Watch the implosion: https://www.fin24.com/Companies/Fin...-what-anyone-envisaged-inquiry-hears-20190814
The inquiry, led by Justice Lex Mpati, wrapped up its public hearings on Wednesday. The inquiry has heard evidence from 77 witnesses over the past eight months and the commissioners will be working to finalise its report for submission to the president by October 31.

On its final day of hearings, co-founder of the 100% black-owned company Lancaster, Jayendra Naidoo appeared before the commission. He testified on his role in the Steinhoff-Lancaster transaction in which the PIC was involved. The PIC had provided a loan of R9.35bn Lancaster needed to acquire a 3% shareholding in Steinhoff.

In December 2017, Steinhoff's share value plummeted by as much as 98% over accounting irregularities. Lancaster has been in a process to recover R12bn (including interest accrued) from the Steinhoff investment.
Click to expand...
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X