Jooste sacked as Steinhoff CEO

Sneeky said:
outside the range of my BOB T bank card, moving along.
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Not sure she needs a bank card now that she had a 33 million portfolio, she might go for real love once sugar daddy is in jail! :D
 
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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Why did Le Grange also resign/get fired, he's the Sa division Star ceo?
 
airborne said:
Why did Le Grange also resign/get fired, he's the Sa division Star ceo?
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La Grange had two jobs at the same time from their unbundling: CEO of STAR and CFO of Steinhoff International. http://www.investing.businessweek.w...person.asp?personId=42625581&privcapId=883992

In December before the scandal a CEO has been appointed at STAR so he just remained CFO of Steinhoff, hence he has signed all the accounts with the CEO since 2013. http://www.steinhoffinternational.com/leadership.php

The strangest thing is that he didn't resign while he should have left with Jooste, it's simply impossible that he was not aware.
 
Steinhoff to Restate 2016 Results as Financial Scandal Grows

Steinhoff International Holdings NV, the South African retail giant rocked by an accounting scandal, will restate its 2016 financial results after a probe uncovered fresh concerns.

The company, which owns the Mattress Firm chain in the U.S., discovered the problems with its previous year’s balance-sheet accounting while reviewing statements from 2017, according to a filing on Wednesday.

“The 2016 consolidated financial statements will need to be restated and can no longer be relied upon,” the company said. “Shareholders and other investors in Steinhoff are advised to exercise caution when dealing in the securities of the group.”
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https://www.bloomberg.com/news/arti...edium=social&cmpid==socialflow-twitter-africa

So basically, they lied...
 
I don't know if the latest news will have a negative impact on the share price since we already knew that previous financial statements were inflated with revenue and deflated with liabilities. In fact this could actually be good news since we expected many previous years' financials to be restated and not only the 2016. If only I was bold enough to put R10 000 on that share.
 
rza said:
I don't know if the latest news will have a negative impact on the share price since we already knew that previous financial statements were inflated with revenue and deflated with liabilities. In fact this could actually be good news since we expected many previous years' financials to be restated and not only the 2016. If only I was bold enough to put R10 000 on that share.
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And a tax fraud investigation.
 
yebocan said:
Is it that easy? No real consequence for the fraud that has been committed....ooopsie sorry, we have to revisit our audited results of last year...
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No, that’s only what Steinhoff says to shield themselves.

The prosecutors will be much harsher, especially on the tax part and on the willful non-disclosure or hidden liabilities.
 
f2wohf said:
And a tax fraud investigation.
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We already know these things, and I think we expected the worst. I won't be surprised if Steinhoff's shares open 10% higher given yesterday's fall.
 
rza said:
We already know these things, and I think we expected the worst. I won't be surprised if Steinhoff's shares open 10% higher given yesterday's fall.
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You still don’t know if the company has any solvability whatsoever. The delay of the meeting with the banks doesn’t sound good in that regard.
 
The rumours coming out show tactics amazingly similar to Enron. I recently read the smartest guys in the room and this was the exact overall methodology Andy Fastow with Jeff Skilling pulled off. Its basically a penchant for big deals instead of a focus on organic growth and good ongoing management coupled with closely related companies (or SPV's) being used to offload unwanted losses onto temporarily to avoid reporting them. The SPV's can also be used to hide profit to avoid paying tax. That auditors missed this when the tactics are that well known is scary.
 
Cius said:
The rumours coming out show tactics amazingly similar to Enron. I recently read the smartest guys in the room and this was the exact overall methodology Andy Fastow with Jeff Skilling pulled off. Its basically a penchant for big deals instead of a focus on organic growth and good ongoing management coupled with closely related companies (or SPV's) being used to offload unwanted losses onto temporarily to avoid reporting them. The SPV's can also be used to hide profit to avoid paying tax. That auditors missed this when the tactics are that well known is scary.
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That, and the tax fraud, and the fact that the CFO, Wiese and the 6 CA remain in the management and on the board would have not been aware makes me think that there is more to it and that they are trying to unbundle it quickly.
 
f2wohf said:
That, and the tax fraud, and the fact that the CFO, Wiese and the 6 CA remain in the management and on the board would have not been aware makes me think that there is more to it and that they are trying to unbundle it quickly.
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Those law firms in the US preparing class action lawsuits must be licking their lips...
 
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