Wiese in bid to save Steinhoff

[BusinessTech]

Wiese in bid to save Steinhoff

Steinhoff chairman, Christo Wiese, is seeking to stabilise the company by rnegotiating a standstill agreement on a R24.18 billion margin loan under which banks would suspend the sale of stock until next year.

 

[Johnatan56]

Could you rather change the title to Steinhoff Chairman in bid to save company? For a moment I thought it was the Wiese store chain.

 

[f2wohf]

How banks would suspend the sale of stock? They can only suspend the sale of stock used as a collateral (ie Wiese’s stock) but not the trading on the FSE and/or JSE, this is up to the regulator.

https://www.reuters.com/article/ste...res-bounce-after-traumatic-week-idUSL8N1OB10L

 

[PeterBee]

Still beats me as to how auditors could have missed such massive and widespread accounting fraud over a long period.

 

[mercurial]

Still beats me as to how auditors could have missed such massive and widespread accounting fraud over a long period.

You've answered your own question.

 

[Polymathic]

Get ready for retail sector dominated by Shoprite even more

 

[Pegging]

Still beats me as to how auditors could have missed such massive and widespread accounting fraud over a long period.

Huge business. Different auditors for different parts.

 

[f2wohf]

And Jooste probably in a bid to save his marriage.

http://www.news24.com/SouthAfrica/N...e-polo-player-and-a-room-with-a-view-20171213

 

[TheMightyQuin]

And Jooste probably in a bid to save his marriage.

http://www.news24.com/SouthAfrica/N...e-polo-player-and-a-room-with-a-view-20171213

Yummie....

 

[Pegging]

And Jooste probably in a bid to save his marriage.

http://www.news24.com/SouthAfrica/N...e-polo-player-and-a-room-with-a-view-20171213

Looks like he'll lose half his remaining fortune as well.

 

[f2wohf]

PIC is apparently worried of a conflict of interest with Wiese being interim CEO, and friend with Jooste, and having his shares with margin calls. I would to and definitely ask for another CEO.

They also want a seat in the board (I fail to understand why they are not more activists and already have seats for years).

https://af.reuters.com/article/inve...AbusinessNews+(News+/+AFRICA+/+Business+News)

 

[f2wohf]

It's absolutely insane that such analysts and banks (Absa) did not disclose Jooste's blackmail and pressures earlier, but even worse, they complied with it...

https://www.moneyweb.co.za/in-depth...ary-of-markus-jooste-36one-founder-cy-jacobs/

 

[Drifter]

When to buy Steinhoff shares? It will climb again.