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<p><em><span class="fn author-name">Jannie Rossouw | </span>University of the Witwatersrand</em></p>
<p><em>A corporate scandal unfolding around one of the largest businesses coming out of South Africa, Steinhoff, has become a major cause for concern. It threatens to wipe out hundreds of billions of rand invested on behalf of many people – rich as well as ordinary South Africans. Sibonelo Radebe asked Jannie Rossouw to interrogate the saga.</em></p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-294714 size-full" src="http://cnbc.africa/wp-content/uploads/2017/12/Business_Handshake_Public-Domain-Pics.jpg" alt="" width="1920" height="1278" /></p>
<p><strong>What do you read from these allegations of corporate corruption?</strong></p>
<p>The Steinhoff scandal is disturbing because it points to a serious gap in the checks and balances in the investment management space. A scandal of this magnitude should not have occurred if the systems with their multiple layers were working.</p>
<p>It’s still early days but it seems as if a multiple of highly paid professional layers failed investors. This includes auditors, asset managers and non executive directors who in their different roles should ensure that the company’s accounts are as close to the truth as possible.</p>
<p>Steinhoff share price collapsed by more than 90%, wiping off nearly €10 billion in shareholder value in about three days following the resignation of the company’s CEO, Markus Jooste, after news that German prosecutors were investigating the company for alleged massive accounting fraud. Steinhoff is listed on both the Johannesburg Stock Exchange and Frankfurt Stock Exchange.</p>
<p>Steinhoff shares were the darling of most fund and asset managers in South Africa and across the globe. We must ask questions why these entities, which draw enormous fees, failed to pick up the alleged irregularities when it seems like they should have done so if they were doing their jobs properly.</p>
<p><strong>How big is the damage caused by this scandal?</strong></p>
<p>It’s still early days but some people are already tagging this scandal as the biggest corporate failure in the history of the Johannesburg Stock Exchange. With more than 40 retailing brands in over 30 countries, Steinhoff was positioned as one of the largest companies by market capitalisation on the exchange. Its market value of close to R300 billion as recorded earlier this year placed it in the top 10, flanked by other South African corporate giants like media giant Naspers, luxury products specialist Richemont, resources giant Anglo American, petrochemicals firm Sasol as well as two big banks Standard Bank and Firstrand.</p>
<p>If Steinhoff’s stock doesn’t recover the capital losses of share investors who bought at inflated prices will be massive.</p>
<p>Steinhoff started off as a South African based company but built itself into a global retail business with significant interests in western Europe. As a result it attracted prominent investors. In South Africa, these include the Public Investment Corporation which invests on behalf of the Government Employees Pension Fund among other public entities. The Public Investment Corporation is reported to hold 10% of Steinhoff’s total shares which means its losses reached more than R10 billion after the share price collapsed.</p>
<p>It is therefore of the utmost importance and in the interest of all involved – particularly direct and indirect investors – that the Steinhoff matter be brought to a swift closure. Swift closure should be followed by legal action against and punishment of all those implicated.</p>
<p><strong>How wide spread is such behaviour?</strong></p>
<p>Each time a major scandal surfaces, regulatory gaps are identified and new measures are put in place to plug the apparent holes. But the scandals keep coming.</p>
<p>South Africa has had its fair share of corporate scandals with the most recent being a list of companies linked to the Gupta family inspired state capture. Big names like Naspers, KPMG, McKinsey and SAP have been caught in the extensive web of corruption allegedly driven by the Guptas who have close ties to the country’s president.</p>
<p>Some commentators have linked the Steinhoff saga to the broader ethical challenges facing South Africa. The integrity of some people in key positions of authority in both the public and private sectors is being questioned. This includes the country’s President Jacob Zuma who stands accused of violating the oath of office.</p>
<p><strong>What must be done?</strong></p>
<p>Despite the best efforts, it’s impossible to regulate for integrity and ethical behaviour. The one effective way that behaviour can be changed is through legal process and by means of tough punishment.</p>
<p>At this point in time we are still unsure of the degree of corporate rot in Steinhoff. Numerous allegations have been made, but the world now waits for the company’s delayed audit report to see the full extent of possible corporate fraud. Steinhoff must act swiftly in informing shareholders and other stakeholders about the true financial health of the company.</p>
<p>The Board of directors of Steinhoff is responsible for the financial health and the financial reporting of the company. The problems at the company resulting in the serious decline in the share price, raise the question whether the Board members should continue to hold office. Under the watch of the current Board a massive destruction in shareholder value took place.</p>
<p>No Board replacing the current one can do worse, as there is simply hardly any shareholder value left to destroy. Will the current Board do the honourable thing and step aside?</p>
<p>If fraud is proven, I want to see Steinhoff executives serve jail terms. They have caused immeasurable harm to many people. This is the only way in which unethical and fraudulent behaviour can be out-rooted and integrity restored.</p>
<p>From a proper investigation of the affairs of Steinhoff, possible regulatory gaps should also be identified and eradicated. Nevertheless, no structure of regulation and supervision can replace the single most important requirement for successful business conduct: Ethical behaviour. In South Africa we need ethical behaviour at all levels, namely the government, businesses and civil society.</p>
<p><img loading="lazy" decoding="async" src="https://counter.theconversation.com/content/88905/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" />The board of directors of Steinhoff is responsible for the financial health and the financial reporting of the company. The problems at the company resulting in the serious decline in the share price, raise the question whether the board members should continue to hold office. Under the watch of the current Board a massive destruction in shareholder value took place.<br />
No board replacing the current one can do worse, as there is simply hardly any shareholder value left to destroy. Will the current board do the honourable thing and step aside?</p>
<p>This article was originally published on The Conversation.</p>


Op-Ed: Steinhoff scandal points to major gaps in stopping unethical corporate behaviour

<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>
</div>


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>


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

<p>South African tycoon  resigned on Thursday as chairman of Steinhoff (<span id="“symbol_SNHG.DE_0”"><a href="https://www.reuters.com/finance/stocks/overview?symbol=SNHG.DE">SNHG.DE</a></span>), the latest setback for the retail group in the throes of an accounting scandal.</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>Once a must-have for investors who backed its reinvention from small furniture outfit into a retail empire, Steinhoff has seen its shares crash more than 80 percent since last week when it ordered an investigation into its accounts and parted ways with long-serving chief executive Markus Jooste.</p>
<p>Steinhoff said Wiese, its top shareholder and chairman who stood in as chief executive last week, had offered to step down to reinforce independent governance and address any possible conflict of interest.</p>
<p>Wiese has been chairman since last year and a board member since 2013. He owns about 22 percent of the company, the stake he built in 2014 when he sold his clothing retailer Pepkor to Steinhoff via a combination of cash and shares.</p>
<p>Steinhoff named Heather Sonn, a member of the supervisory board and its independent sub-committee, as acting chairperson, and said Wiese’s son Jacob had also resigned from the board.</p>
<p>The accounting scandal has tarnished the 76-year-old’s credentials as one of South Africa’s most respected stewards of shareholder capital.</p>
<p>It has also reduced his stake in Steinhoff: the company said on Thursday that 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>Wiese started budget clothing retailer Pepkor in the 1960s, in Upington on the southern edges of the Kalahari desert, but is best known for transforming grocery retailer Shoprite (<span id="“symbol_SHPJ.J_1”"><a href="https://www.reuters.com/finance/stocks/overview?symbol=SHPJ.J">SHPJ.J</a></span>) from just six shops in the 1970s to hundreds of stores across Africa.</p>
<p>He was also 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>But he suffered a setback this year when Steinhoff and Shoprite, in which Wiese owns a 20 percent stake, called off a deal in February to merge to create an African shopping giant, preventing Wiese from bringing more of his retail assets under one roof.</p>
<p>His resignation comes a day after Steinhoff’s second largest shareholder Public Investment Corporation expressed discomfort about possible conflict of interest in having Wiese as interim chief executive.</p>
<p>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>Steinhoff has previously said that 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">Reporting by Emma Thomasson; Editing by Susan Fenton</p>
</div>


Wiese resigns as Steinhoff chairman in wake of accounting scandal

<p>BERLIN/JOHANNESBURG (Reuters) &#8211; South African tycoon Christo Wiese resigned on Thursday as chairman of Steinhoff (<span id="“symbol_SNHG.DE_0”"><a href="https://www.reuters.com/finance/stocks/overview?symbol=SNHG.DE">SNHG.DE</a></span>), the latest setback for the retail group in the throes of an accounting scandal.</p>
<p>Once a must-have for investors who backed its reinvention from small furniture outfit into a retail empire, Steinhoff has seen its shares crash more than 80 percent since last week when it ordered an investigation into its accounts and parted ways with long-serving chief executive Markus Jooste.</p>
<div class="DPSlot_container_2dHIN StandardArticleBody_dp-slot-inline_eUPBt" data-ad-type="canvas"> Steinhoff said Wiese, its top shareholder and chairman who stood in as chief executive last week, had offered to step down to reinforce independent governance and address any possible conflict of interest.</div>
<p>Wiese has been chairman since last year and a board member since 2013. He owns about 22 percent of the company, the stake he built in 2014 when he sold his clothing retailer Pepkor to Steinhoff via a combination of cash and shares.</p>
<div class="DPSlot_container_2dHIN StandardArticleBody_dp-slot-inline_eUPBt">Steinhoff named Heather Sonn, a member of the supervisory board and its independent sub-committee, as acting chairperson, and said Wiese’s son Jacob had also resigned from the board.</div>
<div></div>
<div class="DPSlot_container_2dHIN StandardArticleBody_dp-slot-inline_eUPBt"><strong>READ:</strong> <a href="http://cnbc.africa/zdnl-mc/2017/12/11/steinhoff-board/"><span style="color: #111111; font-family: Roboto, sans-serif; font-size: 32px;">Steinhoff strengthens board with former Absa, Sanlam CEO &amp; investment banker</span></a></div>
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<p>The accounting scandal has tarnished the 76-year-old’s credentials as one of South Africa’s most respected stewards of shareholder capital.</p>
<p>It has also reduced his stake in Steinhoff: the company said on Thursday that 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>Wiese started budget clothing retailer Pepkor in the 1960s, in Upington on the southern edges of the Kalahari desert, but is best known for transforming grocery retailer Shoprite (<span id="“symbol_SHPJ.J_1”"><a href="https://www.reuters.com/finance/stocks/overview?symbol=SHPJ.J">SHPJ.J</a></span>) from just six shops in the 1970s to hundreds of stores across Africa.</p>
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<p>He was also 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>But he suffered a setback this year when Steinhoff and Shoprite, in which Wiese owns a 20 percent stake, called off a deal in February to merge to create an African shopping giant, preventing Wiese from bringing more of his retail assets under one roof.</p>
<div> His resignation comes a day after Steinhoff’s second largest shareholder <a href="http://cnbc.africa/zdnl-mc/2017/12/13/pic-letter-of-demand/">Public Investment Corporation expressed discomfort about possible conflict of interest in having Wiese as interim chief executive</a>.</div>
<div></div>
<p>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.</p>
<p>Four current and former managers are under suspicion of having overstated revenues at subsidiaries, prosecutors said.</p>
<p>Steinhoff has previously said that 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">Reporting by Emma Thomasson; Editing by Susan Fenton</p>
</div>
<div class="StandardArticleBody_trustBadgeContainer_1gqgJ"><span class="StandardArticleBody_trustBadgeTitle_7sKLj">Our Standards:</span><span class="trustBadgeUrl"><a href="http://thomsonreuters.com/en/about-us/trust-principles.html">The Thomson Reuters Trust Principles.</a></span></div>


Tycoon Christo Wiese resigns as chairman of Steinhoff to be replaced by former investment banker

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<p>GEPF and PIC released a statement on the recent developments of governance challenges at Steinhoff and say that certain steps are necessary to secure the GEPF’s interest in the company.</p>


Why did governance slip under the watch of PIC, GEPF at Steinhoff?

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<p>GEPF and PIC released a statement on the recent developments of governance challenges at Steinhoff and say that certain steps are necessary to secure the GEPF’s interest in the company.</p>


Should the PIC be held accountable for Steinhoff?

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<p>The extent of allegations against Steinhoff suggests complicity of more than one executive and also that senior people worked together to either hide or turn a blind eye to what was really going on.</p>


SA should do more to punish corporate fraud, corruption – expert

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<p>South African retailer Steinhoff to be considering selling stakes worth a combined $1.4 billion in local companies PSG Group and KAP Industrial to help plug a liquidity gap at the retailer.</p>


PSG, KAP likely buyers revealed

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<p>The role of the JSE as the regulator during times of serious allegation against some of its listed entities has been nuanced in 2017.</p>


Why JSE’s global reputation is not at risk

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<p>The role of the JSE as the regulator during times of serious allegation against some of its listed entities has been nuanced in 2017.</p>


JSE, FSB are cooperating with German counterparts on Steinhoff probe

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<p>The role of the JSE as the regulator during times of serious allegation against some of its listed entities has been nuanced in 2017.</p>


JSE cannot be held solely responsible for Steinhoff – Parsons

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<p>Joining CNBC Africa to give us analysis on a mix of local and global markets movers is Leigh Riley<br />
Premium Client Manager, IG.</p>


Christo Wiese

Op-Ed: Steinhoff scandal points to major gaps in stopping unethical corporate behaviour

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

Wiese resigns as Steinhoff chairman in wake of accounting scandal

Tycoon Christo Wiese resigns as chairman of Steinhoff to be replaced by former investment banker

Why did governance slip under the watch of PIC, GEPF at Steinhoff?

Should the PIC be held accountable for Steinhoff?

SA should do more to punish corporate fraud, corruption – expert

PSG, KAP likely buyers revealed

Why JSE’s global reputation is not at risk

JSE, FSB are cooperating with German counterparts on Steinhoff probe

JSE cannot be held solely responsible for Steinhoff – Parsons

How to trade derivatives on Steinhoff

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Christo Wiese

Op-Ed: Steinhoff scandal points to major gaps in stopping unethical corporate behaviour

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

Wiese resigns as Steinhoff chairman in wake of accounting scandal

Tycoon Christo Wiese resigns as chairman of Steinhoff to be replaced by former investment banker

Why did governance slip under the watch of PIC, GEPF at Steinhoff?

Should the PIC be held accountable for Steinhoff?

SA should do more to punish corporate fraud, corruption – expert

PSG, KAP likely buyers revealed

Why JSE’s global reputation is not at risk

JSE, FSB are cooperating with German counterparts on Steinhoff probe

JSE cannot be held solely responsible for Steinhoff – Parsons

How to trade derivatives on Steinhoff

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