Tag ArchivesSteinhoff

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…)

Read full story
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 […]

Read full story

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…)

Read full story