Tekkie Town operates 368 stores within Steinhoff Africa’s total retail footprint of more than 5 100 stores
Underwriting a loan between the retailer and its BEE partner has cost the asset manager R3.3-billion
The stock – which had already fallen by 9.9% on Tuesday – reached a new low of R1.18 a share on Wednesday morning
Steinhoff shares have plunged more than 95% since it reported irregularities in its accounts in December, valuing the business at about R8.85-billion
The Hawks have told the Standing Committee on Public Accounts that the report contains ‘nothing’
After a long silence over the Steinhoff International saga, which cost investors R200-billion, investigators are now kicking up the dust.
The Steinhoff case highlights weaknesses in the governance structure the company had chosen to operate under.
It appears US banks lost $1-billion when they loaned to the tycoon who used his Steinhoff shares as collateral
Last month, Steinhoff revealed it was under criminal and tax investigations, with a reported six-billion-euro ($7-billion) hole in its accounts.
The JSE will be conducting an internal audit into the holdings company and is expected to report its findings to the minister of finance.
Allegations of earnings manipulations, uncontrolled acquisition sprees and tax fraud are just the tip of the iceberg for the retail holding company
The Amsterdam-based holdings company has had an over-subscription of shares and in the process has combined the assets of SA’s fourth richest person.
