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<p>The Standing Committee on Public Accounts has confirmed that the hearings on the Steinhoff scandal that hit the markets last year are due to start either tomorrow or Wednesday in Parliament.</p>


SCOPA kicks-off Steinhoff hearings this week, here’s what to expect

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<p>Joining CNBC Africa for a look at the local markets is Wayne Mccurrie, Senior Portfolio Manager, Ashburton.</p>


This is why markets are rattled by Resilient

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<p>Joining CNBC Africa for a look at the local markets is Wayne Mccurrie, Senior Portfolio Manager, Ashburton.</p>


Is there still value left in Steinhoff?

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<p>The recent collapse in the Steinhoff International share price has provided the opportune time to reflect on the fundamental pillars of portfolio construction and the effects of concentrating your portfolio in a few positions.</p>


SA-listed companies cross-shareholdings, shared board members is highly problematic – Oasis

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<p>The recent collapse in the Steinhoff International share price has provided the opportune time to reflect on the fundamental pillars of portfolio construction and the effects of concentrating your portfolio in a few positions.</p>


Why Oasis is red flagging Resilient Reit

<p>Aspen has been in the spotlight on speculation that it could be the next victim of <a href="http://cnbc.africa/news/financial/2018/01/12/viceroy-research-hits-back-sas-critics/">short-sellers Viceroy Research</a>. Aspen’s <a href="https://www.bloomberg.com/news/articles/2018-01-09/aspen-ceo-defends-earnings-amid-post-steinhoff-market-jitters">shares fell 10% in early January</a> on the back of these rumours.</p>
<p>In an exclusive interview with CNBC Africa, Aspen’s CEO Stephen Saad  revealed that Shoprite’s Chairman and Steinhoff’s former Chairman  Christo Wiese’s dumping of between 4-5 million shares may have led to the panic selling of Africa’s biggest generics drugmaker on 9<sup>th</sup> January 2018. The share price opened the day at R262.08 and closed at R250.13. Taking the average price on the day Wiese sold shares worth over R1 billion (over $82mn).</p>
<p><iframe loading="lazy" width="560" height="315" src="https://www.youtube.com/embed/tCFgW3kfZYI" frameborder="0" allow="autoplay; encrypted-media" allowfullscreen></iframe></p>
<p>Wiese, whose liquidity has been squeezed following the <a href="http://cnbc.africa/videos/2017/12/11/behind-the-steinhoff-struggle/">obliteration of retailer Steinhoff’s share price</a> on accounting irregularities, has been selling shares in various listed companies.</p>
<p><strong>Read:</strong> <a href="http://cnbc.africa/insights/steinhoff/2017/12/21/shoprtie-share-sale/">Billionaire Christo Wiese sells over $80mln in Shoprite shares </a></p>
<p>Saad also told CNBC Africa’s Bronwyn Nielsen that there is no price sensitive information that management of Aspen Pharmacare Ltd is holding back from the market.</p>
<p>“The only information we have now that the public don’t have is really our results,” said Saad.  Our trading update – we half year December – so our trading update will be in February as it has always been and results will be out on 8<sup>th</sup> March, he added.</p>
<p>Saad also shed light on his relationship with Jooste. He dispelled rumours that he has bought Jooste’s horses.   “I didn’t even know Markus Jooste had horses,” he said.</p>
<p>“Anyone who knows me well knows there is far more chance of me buying a rhino than there is of me buying a racehorse, Saad added.</p>
<p>He revealed that he and Jooste had sat on the same board for Investec related company – IEP from which Jooste resigned from in December.</p>
<p>IEP is an investment holding company with controlling and strategic scalable interests in a number of companies, such as Assupol and Vumatel.</p>
<p>“I met Markus Jooste twice in those board meetings, and Markus Jooste was actually chairman of those meetings. It is a completely independent investment. It is a personal investment,” said Saad.</p>
<p>“I thought he was really smart, very charming and very down to earth and is charismatic”. I have got nothing negative to say about him out of the two meetings I met Markus Jooste.&#8221;</p>


Billionaire Christo Wiese may have caused the selloff in Aspen: Saad  

<p data-reactid="38">JOHANNESBURG/FRANKFURT (Reuters) &#8211; Steinhoff’s finance chief stepped down from the role on Thursday to focus on helping the South African retailer plug a 2.4 billion euro ($2.9 billion) hole in its finances after an accounting scandal.</p>
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<p data-reactid="46">The owner of more than 40 multinational retail brands including Conforama, Mattress Firm and Poundland, revealed the <a href="http://cnbc.africa/category/insights/steinhoff/">“accounting irregularity” last month</a> along with the immediate departure of its <a href="http://cnbc.africa/category/insights/steinhoff/">chief executive</a>. Its chairman briefly took the reins then also stepped down.</p>
<p data-reactid="47">“While the Group has achieved some degree of stabilisation in its operating businesses, significant near-term liquidity is still required in certain of the business units,” Steinhoff said on Thursday.</p>
<div class="DPSlot_container_2dHIN DPSlot_inline_1oeo6">Chief financial officer Ben la Grange, whom the company has cleared of any wrongdoing, will leave his position and Philip Dieperink, the finance chief of Steinhoff’s UK business, will become acting CFO.</div>
<p>The company said la Grange would concentrate on “the preservation and procurement of liquidity in the group” and finalising its 2017 accounts.</p>
<div class="DPSlot_container_2dHIN DPSlot_inline_1oeo6 in-article-tag">Turnaround specialist AlixPartners was called in last month to help shore up finances as lenders have started restricting access to credit lines and insurers are cancelling or reducing credit insurance.</div>
<p data-reactid="52">
Steinhoff, which has debts of around 10.7 billion euros, said it planned to hire a debt restructuring expert in the role of chief restructuring officer.</p>
<p>Earlier this week, Steinhoff said it would have to restate its 2015 accounts and maybe even earlier figures, having already warned on its 2016 numbers.</p>
<h3>SHARES REBOUND</h3>
<p data-reactid="55">More than $10 billion has been wiped off Steinhoff’s market value following the disclosure of the scandal that has claimed the heads of CEO Markus Jooste and chairman Christo Wiese. They were key figures who transformed Steinhoff from a modest furniture distributor to a global household goods giant.</p>
<p data-reactid="56">Shares in Steinhoff, still down about 80 percent from a month ago, rebounded more than 25 percent on Thursday to 8.60 rand.</p>
<p data-reactid="57">This week UK subsidiary Poundland reported strong Christmas trading and European unit, Pepkor Europe, which houses Poundland and Dealz, said it had replaced planned investment from its parent in full with a new independent 180 million pound loan.</p>
<p data-reactid="58">Meanwhile, the company’s Asia Pacific subsidiary has hired lawyers and a restructuring specialist to advise on the “significant uncertainty” facing its parent.</p>
<p data-reactid="59">Steinhoff has so far raised around $400 million from the sale of a portion of its stake in South African investment heavyweight PSG Group. It is also due to receive around $1.2 billion in debt repayment from its subsidiary, Steinhoff Africa Retail.</p>
<p data-reactid="60">The company, which moved its primary share listing from Johannesburg to Frankfurt two years ago, has been under investigation for suspected accounting fraud in Germany since 2015. Four current and former managers are under suspicion of having overstated revenues at subsidiaries, prosecutors have said.</p>
<p data-reactid="61">Steinhoff has previously said that the investigation relates to whether revenues were booked properly and whether taxable profits were correctly declared.</p>
<p>($1 = 0.8284 euros)</p>
<div class="Attribution_attribution_o4ojT" data-reactid="62">
<p class="Attribution_content_27_rw" data-reactid="63">Editing by Georgina Prodhan and Elaine Hardcastle</p>
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Steinhoff shares rebound as CFO moves to new position

<p>Ratings agency Moody’s on Thursday downgraded Steinhoff’s debt deeper into “junk” territory and warned further downgrades could follow due to mounting cash flow problems at the South African retail group.</p>
<div id="attachment_127928" style="width: 610px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-127928" class="wp-image-127928 size-full" src="http://cnbc.africa/wp-content/uploads/2017/06/moody_s_reuters.jpg" alt="" width="600" height="368" /><p id="caption-attachment-127928" class="wp-caption-text">A Moody&#8217;s sign is displayed on 7 World Trade Center, the company&#8217;s corporate headquarters in New York, February 6, 2013. REUTERS/Brendan McDermid</p></div>
<p data-reactid="43">The company, majority owned by tycoon Christo Wiese, is fighting for survival following its disclosure of accounting irregularities that has wiped more than $12 billion off its market value.</p>
<p>The owner of European and U.S. brands such as Mattress Firm, Conforama and Poundland told investors this month it was losing credit lines from lenders over the scandal that has seen veteran CEO Markus Jooste quit and the company come under scrutiny from local and overseas regulators.</p>
<p data-reactid="46">Moody‘s, which had already downgraded Steinhoff’s credit rating earlier this month, said in a statement the new rating reflected a “substantial risk” of default.</p>
<p data-reactid="47">The agency cut its rating for Steinhoff International Holdings N.V. to Caa1, seven notches into junk.</p>
<p data-reactid="48">“Steinhoff’s CFR (Corporate Family Ratings) and Moody’s review of its CFR for further downgrade reflect the increasing pressure on the company’s liquidity profile,” Moody’s said.</p>
<p data-reactid="49">“The situation has been compounded by its operating companies placing an additional liquidity burden on Steinhoff’s centralized treasury function to fund their working capital needs.”</p>
<p data-reactid="50">Steinhoff has $2 billion of term loans maturing between 2018 and 2020, and the interest rate payable on the loans is expected to soar to around 250 to 280 basis points above the benchmark lending rate of European banks following the downgrades.</p>
<p data-reactid="51">Steinhoff has been on shopping spree since 2011 when it took over French furniture retailer Conforama. Last year’s string of acquisitions included Mattress Firm and Poundland, thrusting it firmly on to investors’ radar screens.</p>
<p data-reactid="52">The company has yet to explain in full what the “accounting irregularities” entail, but has said it is considering raising around 2 billion euros ($2.4 billion) from the sale of non-core assets and the proceeds of debt repayments from African unit Steinhoff Africa Retail.</p>
<p>($1 = 0.8383 euros)</p>
<div class="Attribution_attribution_o4ojT" data-reactid="53">
<p class="Attribution_content_27_rw" data-reactid="54">Reporting by Mfuneko Toyana; Editing by Mark Potter</p>
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Moody’s downgrades Steinhoff deeper into junk on default fears

<p>Steinhoff International’s Asia Pacific unit stressed its business was sound and sought to distance itself from its troubled parent on Thursday, even as the furniture firm appointed local lawyers and financial advisers as a prudent measure.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-42987 size-full" src="http://cnbc.africa/wp-content/uploads/2017/02/steinhoff_international_logo.jpg" alt="" width="1063" height="650" /></p>
<p>South African-headquartered Steinhoff International (<span id="“symbol_SNHJ.J_0”"><a href="https://www.reuters.com/finance/stocks/overview?symbol=SNHJ.J">SNHJ.J</a></span>) (<span id="“symbol_SNHG.DE_1”"><a href="https://www.reuters.com/finance/stocks/overview?symbol=SNHG.DE">SNHG.DE</a></span>) has lost more than $12 billion in market value in recent weeks, hit by an accounting scandal that caused its banks to cut credit lines and forced the exit of its chief executive.</p>
<p>With 10,000 employees in Australia and New Zealand, the unit operates well known local furniture retailers, including Freedom and Fantastic Furniture.</p>
<p>Michael Ford, chief executive of Steinhoff Asia Pacific, said the move to hire law firm Minter Ellison and strategic adviser Ferrier Hodgson was a “prudent step” in response to the “significant uncertainty” facing its parent company.</p>
<p>“For all our brands in the Steinhoff Asia Pacific group,&#8230; it is business as usual,” Ford said in an emailed statement.</p>
<p>“Steinhoff Asia Pacific is not party to any of the banking facilities of its parent.”</p>
<p>Ford said total system sales, including franchisee sales, were up 3.1 percent for the 12 months ended Nov. 20, compared to a year ago. Sales for the month of December so far were up 12.4 percent, he added.</p>
<p>”We are now in our peak trading period and have had some exceptionally strong trading across our retail brands,“ Ford said. ”These are healthy sales figures for a business group that is clearly performing well.’</p>
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<div class="Attribution_attribution_o4ojT">
<p class="Attribution_content_27_rw">Reporting by Paulina Duran; Editing by Jane Wardell and Edwina Gibbs</p>
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Steinhoff’s Asia Pacific unit seeks to distance itself from crisis of parent

<p>Shocked Steinhoff shareholders have wiped more than $12 billion off its value since it revealed “accounting irregularities” and parted ways with its chief executive, in a dramatic fall from grace for the South African retailer.</p>
<div id="attachment_295343" style="width: 860px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-295343" class="wp-image-295343 size-full" src="http://cnbc.africa/wp-content/uploads/2017/12/Christo-Wiese_GettyImages-RZ.png" alt="" width="850" height="567" /><p id="caption-attachment-295343" class="wp-caption-text">Billionaire, Christo Wiese: Getty Images.</p></div>
<p data-reactid="46">Once a must-have for investors who backed its reinvention as a retail empire including brands such as Mattress Firm and Poundland under veteran CEO Markus Jooste, Steinhoff shares fell by 43 percent on Thursday, compounding the previous day’s more than 60 percent fall.</p>
<p data-reactid="47">This collapse leaves South African tycoon Christo Wiese, Steinhoff biggest shareholder and chairman, seriously out of pocket, eroding more about $2.8 billion of his net worth.</p>
<p data-reactid="48">It also prompted an urgent call by South Africa’s Finance Minister Malusi Gigaba for pension fund managers to report back on their exposures to the sudden sell-off, saying that the accounting issue was a “grave concern”.</p>
<p data-reactid="50">South African Deputy President Cyril Ramaphosa said the Steinhoff scandal was “catastrophic”.</p>
<p>“It is catastrophic is that it destroys trust, it destroys confidence in the corporate sector,” Ramaphosa said on Talk Radio 702.</p>
<p data-reactid="52">South Africa’s Public Investment Corporation (PIC), the retailer’s second-largest shareholder, said the allegations against Steinhoff were “serious concerns”.</p>
<p data-reactid="53">The PIC, which manages civil servants’ pension funds, said in a statement it holds around 10 percent of Steinhoff’s stock.</p>
<p data-reactid="54">The shares closed down 43 percent at 10 rand in Johannesburg and were down more than 40 percent in Frankfurt, where it has had its primary listing since 2015.</p>
<p data-reactid="55">Steinhoff has responded by putting 76-year-old Wiese, one of the most respected business leaders in South Africa, in charge for now and calling in PwC to investigate the accounting problems, while also seeking to reassure investors by saying it has enough liquidity to fund its existing operations.</p>
<p data-reactid="56">Wiese, who describes himself as a “realist, pragmatist”, was one of the early executives of budget clothing retailer Pepkor, which was co-founded by his parents in the 1960s in Upington on the southern edges of the Kalahari desert.</p>
<p>He studied law in Stellenbosch, a close-knit town dominated by Afrikaans-speaking whites, but now lives in Clifton, an affluent area of Cape Town overlooking the Atlantic Ocean and is best known for transforming budget grocer Shoprite from just six shops in the 1970s to hundreds of stores across Africa.</p>
<h3>SHOPPING SPREE</h3>
<p data-reactid="59">Wiese and Jooste were instrumental in reinventing Steinhoff, turning it from a modest distributor of furniture made in communist era eastern Europe to a global household goods retailer, vying for market share with the likes of IKEA.</p>
<p data-reactid="60">Steinhoff has been on shopping spree since 2011 when it took over French furniture retailer Conforama. Last year’s string of acquisitions included Mattress Firm and Poundland, thrusting it firmly on to investors’ radar screens.</p>
<p data-reactid="61">“Whether Steinhoff’s zealous expansion tactics amount to a winning or losing strategy really does depend on the outcome of the investigation,” said Erika Sirimanne, Head of Home and Garden Research, Euromonitor International.</p>
<p data-reactid="62">Steinhoff has been under investigation for suspected accounting irregularities by the state prosecutor in Oldenburg, Germany since 2015.</p>
<p data-reactid="63">Four current and former managers are under suspicion of having overstated revenues at subsidiaries, German prosecutors said this week.</p>
<p data-reactid="64">Steinhoff has previously said that move related to whether revenues were booked properly, and whether taxable profit was correctly declared.</p>
<p>($1 = 13.5574 rand)</p>
<div class="Attribution_attribution_o4ojT" data-reactid="65">
<p class="Attribution_content_27_rw" data-reactid="66">Reporting by Tiisetso Motsoeneng and Victoria Bryan; Additional reporting by TJ Strydom and Olivia Kumwenda-Mtambo in Johannesburg; Editing by Susan Fenton/Keith Weir/Alexander Smith</p>
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Steinhoff scandal knocks $12BN off value in blow to tycoon Wiese

<p>Steinhoff (<span id="“symbol_SNHG.DE_0”"><a href="https://www.reuters.com/finance/stocks/overview?symbol=SNHG.DE">SNHG.DE</a></span>) (<span id="“symbol_SNHJ.J_1”"><a href="https://www.reuters.com/finance/stocks/overview?symbol=SNHJ.J">SNHJ.J</a></span>) said on Tuesday it had started to lose credit lines from lenders and was still unable to determine the scale of accounting irregularities which have wiped more than $10 billion off its market value over the past two weeks.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-42987 size-full" src="http://cnbc.africa/wp-content/uploads/2017/02/steinhoff_international_logo.jpg" alt="" width="1063" height="650" /></p>
<p>The embattled South African furniture retailer, which once vied with Swedish giant IKEA for global market share, called for support from creditors at a meeting in London as it grapples to contain the worst crisis in its five-decade history.</p>
<p>In a presentation prepared for the meeting, it said some credit facilities were being suspended or withdrawn and insurers were cancelling or reducing credit insurance. It said support from its creditors, which include Germany’s Commerzbank AG (<span id="“symbol_CBKG.DE_2”"><a href="https://www.reuters.com/finance/stocks/overview?symbol=CBKG.DE">CBKG.DE</a></span>) would be needed to maintain stability.</p>
<p>Uncertainty about Steinhoff’s finances has hammered its shares, listed in Frankfurt and Johannesburg, since it first disclosed what it described as “accounting irregularities” two weeks ago. The stock tumbled 20 percent further on Tuesday as it became clear the scale of the problem remained unknown.</p>
<p>“Given the ongoing forensic review, it is not possible to provide further detail regarding &#8230; whether any additional years financial statements may require restatement,” it said in the presentation, which it published on its website.</p>
<p>Steinhoff, which owns Mattress Firm in the United States, Conforama in France and Poundland in Britain, said in a statement on Dec. 7 there was a 2 billion euro ($2.36 billion) hole in its balance sheet.</p>
<p>It is sitting on 10.7 billion euros in outstanding debt, according to the presentation, with about 690 million euros notional facilities rolled over to date. It also has three convertible bonds worth 2.7 billion euros.</p>
<p>Creditors have started hiring advisors to consider their next moves, according to people familiar with the situation.</p>
<p>Several holders of convertible bonds have hired investment bank Houlihan Lokey (<span id="“symbol_HLI.N_3”"><a href="https://www.reuters.com/finance/stocks/overview?symbol=HLI.N">HLI.N</a></span>) and law firm Kirkland &amp; Ellis to help them deal with the matter, according to two people close to the matter. Representatives for Houlihan Lokey and Kirkland &amp; Ellis were not immediately available for comment.</p>
<p>Holders of 800 million euros in bonds issued by Steinhoff Europe and of other smaller private placements in Germany were considering joint action, a third person said.</p>
<h3>UNCERTAINTY</h3>
<p>The lack of clarity has rattled investors.</p>
<p>“Today’s message was mainly: we’re working on it. We don’t know anything yet but will come back with more as soon as possible,” a person who listened to Steinhoff’s presentation said.</p>
<p>Ryan Woods, a trader at Independent Securities, said of the company’s presentation to lenders. “It points to uncertainty and markets hate it &#8230; More importantly, are banks going to allow them to have their lines of credit?”</p>
<p>In its efforts to steady the company, Steinhoff named Chief Operating Officer Danie van der Merwe, a company veteran of two decades, as acting chief executive, the second person to hold the executive role since CEO Markus Jooste quit on Dec. 5.</p>
<p>Steinhoff’s top shareholder Christo Wiese initially stepped into the executive post, but abruptly resigned as chairman and de facto CEO last week.</p>
<p>Van der Merwe, with acting chairperson Heather Sonn, now has the task of steering the recovery of a firm that grew from a modest distributor of furniture in communist eastern Europe to a global retail empire spanning food, furniture and clothing.</p>
<p>Steinhoff had been a “must have” for investors, who were won over by its reinvention and ambition, even though it faced investigation for suspected accounting fraud in Germany since 2015. The company’s primary listing is in Frankfurt.</p>
<p>Four current and former managers are under suspicion of overstating revenues at subsidiaries, prosecutors have said.</p>
<p>The company has previously said the investigation related to whether revenues were booked properly, and whether taxable profits were correctly declared.</p>
<div class="Attribution_attribution_o4ojT">
<p class="Attribution_content_27_rw">Additional reporting by Tanisha; Editing by Edmund Blair and Jane Merriman</p>
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Scandal-hit Steinhoff’s lenders start cutting credit, shares tumble

<p data-reactid="35">Steinhoff’s African business is preparing to repay $1.2 billion it owes to its parent, it said on Friday, a move that would go a long way to plugging a liquidity hole in the group fighting for survival in the wake of an accounting scandal.</p>
<p data-reactid="35"><img loading="lazy" decoding="async" class="aligncenter wp-image-43727 size-full" src="http://cnbc.africa/wp-content/uploads/2017/02/steinhoff_logo.png" alt="Germany investigates unit of South Africa's Steinhoff International" width="2000" height="654" /></p>
<p data-reactid="36">Steinhoff, the owner of more than 40 retail brands including Conforama, Mattress Firm and Poundland, is seeking to raise $2.4 billion to shore up its finances.</p>
<p data-reactid="37">More than $10 billion has been wiped off Steinhoff’s market value in the last two weeks following its disclosure of accounting irregularities and its chief executive’s exit.</p>
<p data-reactid="39">Steinhoff Africa Retail, spun off this year, said it had appointed FirstRand’s Rand Merchant Bank to arrange the refinancing of about 16 billion rand ($1.19 billion) in shareholder loans from the parent company.</p>
<p data-reactid="40">Reuters had reported on Tuesday that Steinhoff was also considering selling its stakes worth $1.4 billion in PSG Group and the KAP Industrial to fill the hole in its balance sheet.</p>
<p>Steinhoff is working with turnaround specialist AlixPartners to help maintain its liquidity.</p>
<p>It has also hired U.S investment bank Moelis &amp; Co to help it prepare for a delayed meeting with lenders in London next week to discuss its financial health.</p>
<h3>CHAIRMAN QUITS</h3>
<p data-reactid="44">The accounting scandal has led to the resignation of both Chief Excutive Markus Jooste and chairman and top shareholder Christo Wiese, figures who played a key role in transforming Steinhoff from a modest furniture distributor to a global household goods giant, vying with the likes of IKEA.</p>
<p data-reactid="45">Wiese, who stood in as chief executive last week, stepped down on Thursday to reinforce independent governance and address any possible conflict of interest.</p>
<p data-reactid="46">Steinhoff named Heather Sonn, a member of the supervisory board and its independent sub-committee, as acting chairperson.</p>
<p data-reactid="47">The crisis has tarnished Wiese’s credentials as one of South Africa’s most respected stewards of shareholder capital, stripped him of his billionare status and reduced his 22.8 percent stake in Steinhoff to 20.5 percent.</p>
<p data-reactid="48">Banks have sold 98.4 million shares they used as security to lend Wiese 1.6 billion euros ($1.89 billion) to fund the purchase of additional shares in Steinhoff in September 2016.</p>
<p data-reactid="49">Steinhoff did not name the bank or banks that have exercised their security rights over the stock. Citigroup, Goldman Sachs, HSBC and Nomura provided financing, which was backed by 628 million shares, or 15 percent of the company.</p>
<p data-reactid="50">Steinhoff, which moved its primary share listing from Johannesburg to Frankfurt two years ago, has been under investigation for suspected accounting fraud in Germany since 2015. Four current and former managers are under suspicion of having overstated revenues at subsidiaries, prosecutors said.</p>
<p data-reactid="51">It has previously said that the investigation related to whether revenues were booked properly, and whether taxable profits were correctly declared.</p>
<p data-reactid="52">The German-listed shares fell a further 8 percent on Friday. ($1 = 13.4748 rand)</p>
<p>($1 = 0.8486 euros)</p>
<div class="Attribution_attribution_o4ojT" data-reactid="53">
<p class="Attribution_content_27_rw" data-reactid="54">Reporting by Tiisetso Motsoeneng; Editing by Keith Weir</p>
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Steinhoff African unit to repay $1.2BN loan to troubled parent

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<p>Deloitte has become the latest audit firm to join the probe list of South Africa’s audit police. The independent regulatory board for auditors announced today that it would be investigating Deloitte South Africa.</p>


Is IRBA failing to adequately police SA’s auditors?

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<p>Benguela Global Fund Manager&#8217;s Chief Investment Officer, Zwelakhe Mnguni has laid criminal charges against former Steinhoff CEO Markus Jooste at the Sandton police station. He joins CNBC Africa for more.</p>


Fund manager to sue Steinhoff’s ex-CEO Markus Jooste

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<p>Earlier this week the PIC said it would demand for some of its members to form part of the Steinhoff board. South Africa&#8217;s deputy minister of Finance, Sfiso Buthelezi spoke about this at the meeting.</p>


Transformation might have helped Steinhoff – deputy SA FinMin

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<p>A task force is set to be established to investigate Steinhoff&#8217;s business practices, the Minister of Finance, Malusi Gigaba, met with various stakeholders to discuss the Steinhoff debacle.</p>


SA Inc to go on roadshow to reassure investors, after Steinhoff debacle

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<p>JSE CEO, Nicky Newton King explained why the JSE cannot concede to calls to suspend the trading of Steinhoff&#8217;s shares.</p>


Markus Jooste

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Is IRBA failing to adequately police SA’s auditors?

Fund manager to sue Steinhoff’s ex-CEO Markus Jooste

Transformation might have helped Steinhoff – deputy SA FinMin

SA Inc to go on roadshow to reassure investors, after Steinhoff debacle

Shareholders would be the biggest causality of a suspension in Steinhoff – JSE CEO

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Markus Jooste

SCOPA kicks-off Steinhoff hearings this week, here’s what to expect

This is why markets are rattled by Resilient

Is there still value left in Steinhoff?

SA-listed companies cross-shareholdings, shared board members is highly problematic – Oasis

Why Oasis is red flagging Resilient Reit

Billionaire Christo Wiese may have caused the selloff in Aspen: Saad

Steinhoff shares rebound as CFO moves to new position

Moody’s downgrades Steinhoff deeper into junk on default fears

Steinhoff’s Asia Pacific unit seeks to distance itself from crisis of parent

Steinhoff scandal knocks $12BN off value in blow to tycoon Wiese

Scandal-hit Steinhoff’s lenders start cutting credit, shares tumble

Steinhoff African unit to repay $1.2BN loan to troubled parent

Is IRBA failing to adequately police SA’s auditors?

Fund manager to sue Steinhoff’s ex-CEO Markus Jooste

Transformation might have helped Steinhoff – deputy SA FinMin

SA Inc to go on roadshow to reassure investors, after Steinhoff debacle

Shareholders would be the biggest causality of a suspension in Steinhoff – JSE CEO

News Tips

Advertise With Us

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