Tag ArchivesSteinhoff

Richard

Financial services the least trusted sector globally, says report

The financial services industry was once again the least trusted sector in the annual global Edelman Trust Barometer, which has been measuring trust in business, NGOs, government and the media for the last 18 years. (more…)

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Stephan Haynes

Could Steinhoff be in for a class action lawsuit?

The abrupt and devastating wipe-out of 80% market value in the multi-national retailer, Steinhoff, has without any doubt brought about more questions than answers in the area of corporate law. (more…)

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Germien-du-Plessis1

Woolworths and its woes down under

  South African companies expanding into Australia are again making headlines, this time with Woolworths announcing that it faces an impairment charge for David Jones of A$712.5 million (R7 billion). Woolworths acquired David Jones for R23.3 billion in April 2014, concluding the largest Australian deal at that time by a South African retailer. Now, with […]

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Sanlam Private Wealth on financial education and inherited money

A dramatic end to a dramatic year

By Dave Mohr (Chief Investment Strategist) & Izak Odendaal (Investment Strategist), Old Mutual Multi-Managers. The JSE was down sharply last week as scandal engulfed one of the biggest shares on the exchange. Steinhoff International shares plunged after the company’s auditors refused to sign off on its latest financial statements and its CEO resigned. (more…)

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Magda Wierzycka, CEO of the Sygnia Group

Steinhoff – the largest corporate failure of the active asset management industry yet

By Magda Wierzycka. The failure of Steinhoff has shocked even the most seasoned asset managers. It is the biggest corporate failure on the JSE. Allegations of earnings manipulations, uncontrolled acquisition sprees and tax fraud are just the tip of the iceberg. Off-balance sheet companies were set up to hide losses, executives collaborated with each other to […]

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inflationdowngraphic

Anchor Capital issues client update on Steinhoff

“Following media reports overnight, Steinhoff has released a SENS statement today indicating that it has found new information relating to accounting irregularities, prompting it to cancel its results release today and delay the audited results release until further notice,” Anchor Capital said in a statement to its clients today. (more…)

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