Jooste sacked as Steinhoff CEO

Fun times.. yes another corrupt SA entity. And people wonder why the monochoice/naspers story is a problem. Investigations have started there.. better hope their closet is squeaky clean..
 
On Tuesday night Steinhoff announced the hiring of PwC
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So a company suspected of corruption hires known corrupt auditors to investigate possible corrupt activities?

Wipe another 10% off the share price, why don't you?

Fecking joke.
 
How was you guys exposure to Steinhoff?

None of my RAs portfolios nor my Provident Fund or unit trusts had anything above 2% in them.
 
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Trompie67 said:
So a company suspected of corruption hires known corrupt auditors to investigate possible corrupt activities?

Wipe another 10% off the share price, why don't you?

Fecking joke.
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At the moment all 3 audit firms are implicated in some shady practice. Deloitte for failing to pick up this in the course of their audits, KPMG for the Guptas and PwC are being investigated.
 
I have a minor exposure in the coronation balanced plus fund in my UT. Fortunately it doesn't feature in the top 10 of my larger portfolios (RA/etc)
 
Gordon_R said:
Moneyweb has an article showing Steinhoff as being held by almost every major fund in SA: https://www.moneyweb.co.za/investing/the-funds-most-exposed-to-steinhoff/

Of course the proportion of other unregistered funds invested in a particular company will vary, but that is harder to measure.
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Yeah, I saw that, that's why I know my one RA which has about 25% Coro Indi fund in it, and thus had about 1.85%.

My other RA had 0%.

10X Provident Fund had under 2% as well.

But ja, people with lots of exposure, eina!
 
rza said:
No, you sell whatever little you have left. This company is going down.
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Are you providing financial advice? Your qualification/s to do so?

I see it differently. There is nothing wrong with their liquidity. The selling off is sentiment and appears to be gross-overreaction.

Personally, I am buying. Everything to gain and nothing to lose.
 
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McT said:
Are you providing financial advice? Your qualification/s to do so?

I see it differently. There is nothing wrong with their liquidity. The selling off is sentiment and appears to be gross-overreaction.

Personally, I am buying. Everything to gain and nothing to lose.
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also buying a few...
 
McT said:
Are you providing financial advice? Your qualification/s to do so?

I see it differently. There is nothing wrong with their liquidity. The selling off is sentiment and appears to be gross-overreaction.

Personally, I am buying. Everything to gain and nothing to lose.
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The shares is down 30% this morning already, on top of the 9% two days ago and 60% yesterday. It would take a very brave person to think there's a light at the of the tunnel. They are restating previous years' financial statements for goodness sake, so how do you know they are liquid when their current and previous financial statements are non-existent?

By the way, I majored in Accounting and did honours in Investment Management. What's your qualifications?
 
yebocan said:
also buying a few...
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You only going to have tears coming from your eyes. You saw the SENS this morning? Wait until they present financial statements first then decide what to do.
 
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