Jooste sacked as Steinhoff CEO

[rietrot]

EE not too good with volatile shares.

Jip

 

[f2wohf]

It seems that Wiese’s problems are now becoming his bankers problems.

If you owe the bank $100 that's your problem. If you owe the bank $100 million, that's the bank's problem.

 

[rza]

I think I got it at around R5.50, but I'm having some difficulty on easy equities.
(I already complained about that in the other thread)

It might be that no one wants to buy your shares

 

[genelock]

 

[Gordon_R]

It seems that Wiese’s problems are now becoming his bankers problems.

If you owe the bank $100 that's your problem. If you owe the bank $100 million, that's the bank's problem.

Yep, that's what the Bloomberg article I quoted implies (previous page). When your bonds are downgraded 4 notches (to junk) by Moodys, the Steinhoff bondholders might end up suffering (not just the Wiese Trust), in addition to the shareholders wipeout:

The yield on its 800 million euro ($914 million) bonds due January 2025 rose 129 basis points to 11.05 percent.

The value of bonds are inversely related to yield, so those suffered major losses (data not freely available).

 

[saturnz]

./

LOL, he musn't push

 

[Sideshow Bob]

You can't put honesty and Stellenbosch Mafia in the same sentence.

looks like your work? ;-)

https://www.timeslive.co.za/sunday-...is-saying-about-markus-jooste-its-not-pretty/
Under the “Early Life” heading‚ the user changed the description to read: “Jooste has a degree in money laundering from Stellenbosch University aka Stellenbosch mafia.”

 

[rietrot]

It might be that no one wants to buy your shares

I'm buying. There's plenty of volume. As someone with so many degrees you should know how this works.

 

[rza]

I'm buying. There's plenty of volume. As someone with so many degrees you should know how this works.

As tempting as the technical analysis is, I'm staying clear on this one. Its only a matter of days before JSE suspends them, or before they file for business rescue. So I hope you are trading on a daily basis and not overnight. That's an advise from someone with many degrees.

 

[f2wohf]

As tempting as the technical analysis is, I'm staying clear on this one. Its only a matter of days before JSE suspends them, or before they file for business rescue. So I hope you are trading on a daily basis and not overnight. That's an advise from someone with many degrees.

+1

 

[f2wohf]

What is the FSB on? Did they even have time for a forensic analysis? Do they even know what the German justice is investigating?

The Financial Services Board (FSB) said Steinhoff executives might face jail time or a maximum fine of R50-million.

Retail giant Steinhoff International's problems are mounting as it has been found that they tried to deceive investors.The FSB is stepping in following Steinhoff's accounting scandal.

http://www.enca.com/south-africa/st...ocial&utm_source=Twitter#link_time=1512796975

 

[Eti1]

Not defending the fsb, but nowhere in that article is anyone from there even quoted as saying that.

But besides criminal penalties, the entire board can be held personally liable to the company for breaching their fiduciary duties. That is what I would really want to see. Fat chance maybe, but if guilty, they should be sued for every penny they have.

 

[saturnz]

the fun and games that comes with financial engineering

 

[SauRoNZA]

Resigned <> Sacked.

Thread title is bull****.

 

[supersunbird]

What is the FSB on? Did they even have time for a forensic analysis? Do they even know what the German justice is investigating?



http://www.enca.com/south-africa/st...ocial&utm_source=Twitter#link_time=1512796975

You should look at the word might.

I might give you a PK, but then again, I might not give a PK at all, but rather a pat on the back. See, might.

 

[saturnz]

Resigned <> Sacked.

Thread title is bull****.

you think he resigned voluntarily?

 

[f2wohf]

You should look at the word might.

I might give you a PK, but then again, I might not give a PK at all, but rather a pat on the back. See, might.

Meaning that their comment is absolute rubbish and useless at this stage.

I’m pretty sure they didn’t even request the relevant documentation to the Germans yet.

 

[supersunbird]

Meaning that their comment is absolute rubbish and useless at this stage.

I’m pretty sure they didn’t even request the relevant documentation to the Germans yet.

Yeah, but info. Did you know off hand what the maximum FSB fine is before the article?

 

[f2wohf]

Yeah, but info. Did you know off hand what the maximum FSB fine is before the article?

It’s actually 10 million for a natural person, 50 million would be for a legal person, none of the directors being one.

I should work at the FSB actually.

Their 50 million could apply to a natural person if there was insider trading (which nothing indicates so far).

 

[SauRoNZA]

you think he resigned voluntarily?

Doesn’t matter and that would be based on conjecture.

And yes he probably volunteered before the **** hits the fan trying to avoid it.

Point is he wasn’t fired as per the thread title.