Jooste sacked as Steinhoff CEO

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

Point is he wasn’t fired as per the thread title.
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but this is Mybb, we make up facts all the time

in any event, resignations of this nature are usually a PR exercise
 
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Very good editorial from BD:

EDITORIAL: The danger of darling CEOs

...

Few should have any sympathy for Wiese, who surely should have known what Jooste was getting up to as Steinhoff expanded rapidly in a variety of jurisdictions using debt and financial structures whose details were not shared with investors.

As far back as 2013, the late David Gleason, who was then a columnist for Business Day, sent a series of questions to the company about its debt structure and received unsatisfactory replies. Some asked questions, too, about Steinhoff’s motives when it listed in Frankfurt in 2015 and whether these were more about financial engineering than any genuine need for an extra listing.
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https://www.businesslive.co.za/bd/o...7-12-08-editorial-the-danger-of-darling-ceos/
 
saturnz said:
but this is Mybb, we make up facts all the time

in any event, resignations of this nature are usually a PR exercise
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Doesn’t change anything about the title being wrong.

And you can “we” yourself but don’t include everyone else.
 
SauRoNZA said:
Doesn’t change anything about the title being wrong.

And you can “we” yourself but don’t include everyone else.
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aren't you the guy with the counterfacts made up in the Kensington thread?
 
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saturnz said:
aren't you the guy with the counterfacts made up in the Kensington thread?
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I don’t recall stating anything factual or faketual.

However your interpretation of what you read is often misguided so I wouldn’t be surprised if you saw “facts” that weren’t there.
 
SauRoNZA said:
I don’t recall stating anything factual or faketual.

However your interpretation of what you read is often misguided so I wouldn’t be surprised if you saw “facts” that weren’t there.
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I remember something about idiots thinking their lights work or something, and then there was something about being drunk
 
saturnz said:
I remember something about idiots thinking their lights work or something, and then there was something about being drunk
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You remember wrong about being drunk.

But yes there are many idiots using DAYTIME Running Lights in the rain and dark not realising the rear lights are off.
 
Surprised that this thread has kind of died. There are some seriously interesting articles around this.

A Steinhoff guide for dummies - where it all started
https://www.fin24.com/Companies/Retail/a-steinhoff-guide-for-dummies-20171208
__________

Steinhoff hits junk as R282bn in value is lost
https://www.fin24.com/Companies/Retail/steinhoff-hits-junk-as-r282bn-in-value-is-lost-20171210
__________

Steinhoff: Weighing up the odds
https://www.moneyweb.co.za/news/companies-and-deals/steinhoff-weighing-up-the-odds/

Here’s what we know:

Steinhoff assets include its stake in listed investments (Steinhoff Retail Africa, PSG, KAP) and are worth roughly R15/share. According to Steinhoff it will sell these assets to release funding to pay down debt;
Steinhoff owns European property, plant and equipment worth €5.8 billion. At an exchange rate of R16.04/EU1 this translates to value of about R15/share;
Net debt is sitting at €6.5 billion or R104 billion, which translates to negative value of R24/share.
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Here’s what we don’t know:

The nature and amount of financial irregularities and possible fines and penalties;
Has there been fraud perpetrated; if so the quantum;
Why external auditors did not pick up irregularities in the past; were there none or are the amounts immaterial?
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The share has recovered friday's losses after a very non-news SENS. People are very brave with Steinhoff.
 
On a lighter note:

ɹǝuuᴉM/ɹuuM, your opinion? :p

/shrug
 
Emjay said:
Surprised that this thread has kind of died. There are some seriously interesting articles around this.
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Not really surprised hey.. He was everyone's boytjie after all. Boytjies don't generally get vilified over here.

https://www.dailymaverick.co.za/zapirocartoon/steinhoff-stable/


On second thoughts, many people here (those who have milk of human kindness flowing through veins - those kind) are relieved that GEPF is protected and that could be reason for near death of thread.
 
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This Steinhoff saga broke a few weeks ago.
The CEO has already been sacked. It is a developing story and I am sure there will be lots too come out in the coming weeks/months.
I will wager you are more likely to see people implicated with this in jail or with serious sanction, as apposed to say the state capture thing which has been public knowledge and going on for years with authorities everywhere turning a blind eye while Rome burns.

But lets wait and see.
 
Sneeky said:
This Steinhoff saga broke a few weeks ago.
The CEO has already been sacked. It is a developing story and I am sure there will be lots too come out in the coming weeks/months.
I will wager you are more likely to see people implicated with this in jail or with serious sanction, as apposed to say the state capture thing which has been public knowledge and going on for years with authorities everywhere turning a blind eye while Rome burns.

But lets wait and see.
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I think Jooste and La Grange are in for a bad time, unfortunately not in SA, probably in Germany.

Then possibly other executives and depending how deep the fraud goes Wiese (he’s either been played and too trustful of his friend, either been all in it).
 
Lost about 0,38% of the value in my pension to this saga.
 
f2wohf said:
I think Jooste and La Grange are in for a bad time, unfortunately not in SA, probably in Germany.

Then possibly other executives and depending how deep the fraud goes Wiese (he’s either been played and too trustful of his friend, either been all in it).
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Yes indeed. It will take some time to get to the bottom of it all but there will be serious consequences.
I have heard a number of calls on talk radio from ANC apologists and the like wanting to know why there is no action on this Steinhoff issue and all the focus is on government corruption.
Idjuts, the lot of them, considering the time frames.

Anyone that ends up profiteering by robbing people, be it through tax payers money or through pvt investments can rot in jail, or be taken outside and promptly shot. Be they public or private sector makes no difference to me, they are all just scumbags in suits.
 
FrankieK said:
Providing context to your comment. For research purposes of course.
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outside the range of my BOB T bank card, moving along.
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