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<p>Steinhoff’s share price tumbled over 20 per cent after its financial results for 2017 revealed that the company’s legal troubles could pose long term threats to the future of the company. This has shed doubt on its ability to continue as a going concern as legal related troubles continue to pile on, and insurmountable debt. Peter Armitage, CEO, Anchor Capital.</p>


Peter Armitage on why there’s no value left in Steinhoff

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<p>Steinhoff’s much anticipated 2017 financial results are expected to give insight into the misdeeds that brought the giant retailer to shambles. Earlier this year PwC released their findings of its forensic probe into the activities of the group’s former executives. Joining CNBC Africa to unpack Steinhoff 2017 financial results is Fraser Perring, Founder, Viceroy Research.</p>


What will Steinhoff’s 2017 FY results reveal?


<p>JOHANNESBURG (Reuters) &#8211; South African retailer Steinhoff has again delayed release of its 2017 and 2018 financial statements, saying that complexities in the process were slowing the work of external auditor Deloitte, sending its shares down more than 4 percent.</p>



<p>The retailer said it had made “significant efforts” but its 2017 group financial statements would not be released until May 7 and its 2018 statements would be delayed until June 18. Both had been expected in mid-April.</p>



<p>“We sincerely regret this further delay,” Chief Financial Officer Philip Dieperink said in a statement to the stock exchange, adding that the company and Deloitte believe that the new timeline is achievable.</p>



<p>Steinhoff has repeatedly delayed publication of its accounts after a $7.4 billion accounting fraud that stunned investors in the multinational retailer that had been at the vanguard of the European discount furniture retail industry.</p>



<p>While a summary of an investigation by auditor PwC released last month has shed some light on what happened, shareholders are still hungry for more information on the scandal and an indication of how much Steinhoff’s remaining assets are worth.</p>



<p>Steinhoff added that said the revised timetable would be likely to affect the timing of its 2019 interim results, currently scheduled for late June, and that a new date would be given in due course.</p>



<p>The 2017 and 2018 results for its wholly owned subsidiary, Steinhoff Investment Holdings, will be released on June 28, the company said.</p>



<p>Reporting by Emma Rumney; Editing by David Goodman</p>


Steinhoff again delays release of financial statements sending its shares down


<p>JOHANNESBURG (Reuters) &#8211; Steinhoff said on Tuesday investors who were suing the company have agreed to extend the suspension of litigation by six weeks, allowing the crisis-hit retailer time to proceed with its investigations and restructuring.</p>



<p>Steinhoff said the legal proceedings, which were suspended in October last year, would be further suspended until May 15, 2019.</p>



<p>The lawsuit, brought in the Netherlands, was aimed at compensating investors for the more than 14 billion euros ($16 billion) wiped off Steinhoff’s market value ever since the retailer uncovered accounting irregularities last year.</p>



<p>The lawsuit was brought by a collective group known as VEB/European Investors, Steinhoff. It claimed that certain financial statements, prospectus and press releases issued by the company were incorrect and misleading, the company said.</p>



<p>Reporting by Tanisha Heiberg; Editing by Uttaresh.V</p>


Why Steinhoff investors agreed to extend suspension of legal battle


<p>JOHANNESBURG (Reuters) &#8211; The suspended former chief
financial officer of Steinhoff is helping authorities with investigations into
$7 billion-plus accounting fraud at the South African retailer, he said on
Thursday.</p>



<p>Ben la Grange is one of eight individuals named in an <a href="http://cnbc.africa/news/special-report/2019/03/15/pwc-steinhoff-report-out/">investigation of what an independent report by auditor PwC</a> said was a complex scheme in which intercompany deals worth 6.4 billion euros ($7.3 billion) were wrongly recorded as external income to prop up profits and hide costs in underperforming subsidiaries.</p>



<p><strong>WATCH</strong>: <a href="http://cnbc.africa/videos/2019/03/19/pwcs-report-is-a-replica-of-viceroys-report-perring/">PwC’s Steinhoff report is a replica of Viceroy’s report: Perring</a></p>



<p>“I am cooperating with all government agencies,” said La Grange, who was suspended last August but remains on the Steinhoff payroll as a consultant.</p>



<p><strong>WATCH:</strong> <a href="http://cnbc.africa/videos/2019/03/18/benguela-reacts-to-pwcs-report-on-steinhoff-scandal/">Benguela reacts to PwC’s report on Steinhoff scandal</a></p>



<p>Former CEO Markus Jooste, who could not reached for comment
through his lawyer, is among the eight executives named in the 15,000-word
report conducted by PwC over the past 15 months. Jooste has previously denied
any wrongdoing.</p>



<p>Steinhoff is under investigation by South Africa police, the
Financial Sector Conduct Authority capital markets watchdog and exchange
operator JSE.</p>



<p>The state prosecutor in Oldenburg, Germany, has also been
investigating the company for suspected accounting irregularities since 2015.</p>



<p>Steinhoff first disclosed the hole in its accounts in
December 2017, shocking investors who had backed its reinvention from a small
South African business to a multinational retailer at the vanguard of the
European discount furniture retail industry.</p>



<p>($1 = 0.8803 euros)</p>



<p>Reporting by Tiisetso Motsoeneng; Editing by David Goodman</p>


Steinhoff’s former CFO working with authorities on fraud investigation

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<p>Steinhoff is coming under pressure today in parliament as the company aims for executives and directors who had pocketed millions of rands in an accounting scandal. The long-awaited release of the PwC forensic report on Steinhoff was released on Friday which accused Markus Jooste and other directors who had inflated the group’s profits and asset value through irregular transactions between 2009 and 2017. Fraser Perring, Founder of Viceroy Research joins CNBC Africa for more.</p>


PwC’s report is a replica of Viceroy’s report: Perring

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<p>CNBC Africa reporter Kopano Gumbi spoke with Karl Gevers, Head of Research at Benguela Global Fund Managers on PwC’s report on the Steinhoff scandal.</p>


Benguela reacts to PwC’s report on Steinhoff scandal

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<p>Since Steinhoff collapsed in 2017 and lost over 90 per cent of shareholder value, many have been wondering when and if any legal action would be taken. The much anticipated PwC report is likely to offer ammunition to this cause. Zain Lundell, one of the lawyers responsible for the South African class action lawsuit against Steinhoff, joins CNBC Africa for more.</p>


Steinhoff class action imminent

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<p>CNBC Africa has learnt that the yet to be released PWC report on the troubled Steinhoff Group outlines clear fraud that should send a number of people to jail. The report is weeks overdue, but CNBC Africa’s Kopano Gumbi got the inside track from a former Steinhoff board member who has seen it.</p>


EXCLUSIVE: Johan van Zyl opens up about Steinhoff, PwC report

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<p>It has been a year since the spectacular collapse of Steinhoff share price, both in its primary listing in Frankfurt and in its local exchange. Viceroy Research released a report that became a catalyst to the now infamous accounting irregularities at Steinhoff. Fraser Perring, Founder of Viceroy Research joins CNBC Africa for more.</p>


Viceroy on one year after Steinhoff collapse, Nepi, Capitec

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<p>Steinhoff shares fell a further 3 per cent in early morning trade but has since recovered on the news that creditors would have to wait a little longer to find out who has been nominated to receive consent fees. Zwelakhe Mnguni, Chief Investment Officer at Benguela Global Fund Managers, says that Steinhoff is not the only company on the JSE we should be worried about.</p>


Why investors should watch out about these JSE listed companies

<p>JOHANNESBURG, Dec 6 (Reuters) &#8211; Steinhoff International Holdings share price fell almost 11 per cent in early morning trade to R1.59 after revealing that it now expects to publish its group audited financial statements for 2017 and 2018 by mid-April 2019, as a forensic investigation by auditors PricewaterhouseCoopers (PwC) has been delayed, the retailer said on Thursday.</p>
<p>The probe by PwC into the company’s affairs is now expected to be completed by the end of February 2019, and the final investigation report will be available to the company shortly thereafter, Steinhoff said.</p>
<p>Steinhoff, which has more than 40 retail brands that include France’s Conforama and British chain Poundland, is trying to emerge from a crisis after admitting “accounting irregularities” in December, wiping about 85 percent off its market value and triggering a liquidity crisis.</p>
<p><strong>READ:</strong> <a href="http://cnbc.africa/insights/steinhoff/2018/06/28/steinhoff-rise-fall/">Inside the Steinhoff saga, one of the biggest cases of corporate fraud in South African business history</a></p>
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<p>This prompted the company to drop a Jan. 31, 2018 deadline for publishing its audited 2017 consolidated financial statements.</p>
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<p>“Unfortunately, despite significant efforts being exerted by all parties, it is now clear that the timeline for completing the group consolidated financial reporting and audit process has shifted and it will not be possible for all the work required to be finalised within the original timeframe,” the company said in a statement.</p>
<p>The 2017 and 2018 financial statements of the company’s wholly owned subsidiary, Steinhoff Investment Holdings Ltd, will be released shortly after the group’s results.</p>
<p>The retailer said once the forensic report findings and the final accounting treatments are resolved by the group, the statutory auditors need to complete the outstanding audit processes for all of the years involved in the build-up to these financial statements. (Reporting by Nqobile Dludla; Editing by Amrutha Gayathri)</p>


Steinhoff share price plunges as PwC forensic report, audited results delayed

<p>(Reuters) &#8211; Steinhoff International said on Thursday its Mattress Firm Inc unit, the largest U.S. mattress retailer, emerged out of bankruptcy with access to $525 million in exit financing, within two months of filing for Chapter 11 protection.</p>
<p>Mattress Firm also closed about 660 underperforming stores, said Steinhoff, which has been working on a deal to restructure the debt of some units after revealing multi-billion-euro holes in its balance sheet.</p>
<p>The store closures still leave the Houston-based company with about 2,600 stores across the United States.</p>
<p>“Today’s announcement is a further positive step in the wider Steinhoff restructuring process, which continues to make good progress,” Steinhoff acting CEO Danie van der Merwe said.</p>
<p>Mattress Firm, founded in 1986, had filed for voluntary bankruptcy protection in early October, gaining some breathing room to restructure and shore up its finances.</p>
<p>The retail industry has seen a series of bankruptcies, including Toys “R” Us, over the last couple of years on mounting pressure from e-commerce companies like Amazon.com Inc.</p>
<p>Reporting by Muvija M in Bengaluru; Editing by Gopakumar Warrier</p>


What you need to know about Steinhoff’s US unit Mattress Firm shutting down 660 stores as it emerges out of bankruptcy

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<p>Louis du Preez, Steinhoff‘s commercial director, will take over as the CEO of Steinhoff. Du Preez will be taking over from Daniel van der Merwe the current CEO who will step down by the end of December. Joining CNBC Africa for more on what this could mean is James Brent Steyn, Author of Steinhoff: Inside SA’s Biggest Corporate Crash.</p>


Steinhoff appoints Louis du Preez as new permanent CEO

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<p>Once hidden from stakeholders, parliament and the public now brought to light by amaBhungane investigation. Markus Jooste has been implicated in setting up dodgy deals for his own personal gain. Joining CNBC Africa for more is Sam Sole, Senior Investigative Journalist at amaBhungane Centre for Investigative Journalism.</p>


Amabhungane uncovers former Steinhoff CEO Markus Jooste’s secret stakes

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<p>Overnight one of the big talking points in business was an historic gathering of disgruntled shareholders to put together the first ever securities class action South Africa has ever seen.<br />
The disgruntled held shares in the troubled conglomerate Steinhoff and they were in Johannesburg to look at their legal options. CNBC Africa’s Monique Vanek filed this report.</p>


Steinhoff class action moves up a gear, how to be part of it

<p>Considering that so many column inches in the media have been dedicated to questioning my integrity and my competency as the Chief Executive Officer (CEO) of the Public Investment Corporation (PIC), I feel compelled to respond to what I regard to be unsubstantiated, malicious and spurious allegations being made against me.</p>
<p>Having spent many years working in investment management, my professional career has mostly been defined by two: logic and reason.</p>
<p>Therefore, in defending my name, please allow me to take a dispassionate, logical and reasoned view of the allegations being made against me.</p>
<p>I want to begin by stating what some media publications have been remiss in mentioning: the undeniably successful performance of the PIC over the period that I have been at the helm. Performance highlights for the financial year ended March 2018 include:</p>
<ul>
<li>Growth in assets under management to R2.083 trillion.</li>
<li>PIC profit in 2018 was R417 million.</li>
<li>Returns on investments over the last ten years for GEPF: 10.25%.</li>
<li>Returns on investments during the previous ten years for the UIF: 9.23%.</li>
</ul>
<p>Moreover, under my leadership, the PIC has consistently achieved clean audits – a rare phenomenon in the public sector.</p>
<p>To add context to what we do at the PIC, the Government Employees Pension Fund (GEPF) makes up 87.12% of the funds that the PIC manages. Other clients include the Unemployment Insurance Fund (UIF), Compensation Commissioner Fund (CC), Compensation Commissioner Pension Fund (CP) and Associated Institutions Pension Fund (AIPF).</p>
<p>Some of the reports carried in the media seem to  infer that I &#8211; and I alone &#8211; determine which companies the PIC invests in or grants loans to. And that I personally manage the assets within the PIC’s portfolio. This is plainly irrational.</p>
<p>PIC has established and stringent investment management and approval processes, which involve several investment professionals and committees. Governance regarding risk management within the PIC is a stringent process that complies with regulatory requirements and best global and industry practices. In addition to ensuring that the legislations, laws, regulations, policies and best practice standards are all met, the Risk and Compliance division ensures that Portfolio Managers manage the investment portfolios to the benefit of clients.</p>
<p>Moreover, some media reports have implied that the PIC invests as it pleases. Again, a gross inaccuracy. We operate within the mandates granted to us by our clients, that prescribe strict parameters from which we never deviate.</p>
<p><strong>Unlisted Investments</strong></p>
<p>Let me start with the assertion that I have been reckless by investing R70 billion in unlisted companies, with the inference being that loans have been granted to companies that were irregular and thus under or non-performing.</p>
<p>First, while delivering healthy financial returns on our investments is critical, contributing to the county’s broader socio-economic development is also part and parcel of the PIC’s mandate. Through investments made in companies owned by black entrepreneurs, the overarching theme for our unlisted investments is transformation and inclusive growth. Our focus in this regard, therefore, has been to invest in sectors that have the potential to encourage employment and development, whilst generating the requisite financial returns.</p>
<p>These sectors have included energy, healthcare and affordable housing and student accommodation. The results of our efforts during my tenure as CEO include, amongst others, the following:</p>
<ul>
<li>As many as 152 226 jobs created and sustained.</li>
<li>The construction of 22 new hospitals, that supplied an additional 3 049 beds for our public health system.</li>
<li>Some 45 349 affordable houses were constructed, as well as 11 900 student accommodation facilities.</li>
<li>Support and finance made available to 785 SMEs.</li>
</ul>
<p>The multiplier effect of all our unlisted investments concerning future development? Incalculable.</p>
<p>At the PIC, we also practise what we preach. Since 2007, we have led the way with transformation in asset management. Today black asset managers are responsible for the management of more than R100bn of assets from the PIC.</p>
<p>I’m proud to say that transformation is also evident throughout the PIC. The  almost 400 employees at the Corporation fully represent the diverse demographics of South Africa, with the majority being youth who graduated from the country’s previously marginalized universities.</p>
<p><strong>Steinhoff</strong></p>
<p>Let me now move to another contentious issue, the losses incurred through our investment in Steinhoff. Yes, they were significant and deeply regrettable. However, in defence of the allegation of ineptitude with regards to our exposure in Steinhoff from those who seem to have 20-20 vision in hindsight, the question posed should not be “Why was the PIC duped by Steinhoff? However, rather, “Who wasn’t duped by Steinhoff?”</p>
<p>As a retail group with a global presence, Steinhoff was considered a sound investment and a darling of the JSE, as well as various other stock exchanges around the world. However, the fact remains that our exposure in Steinhoff represented less than 1% of the PICs assets under management, or one of over 300 securities in the PIC portfolio, so the loss was thoroughly cushioned.  Most importantly, Steinhoff was a constituent in the index that the PIC tracks in line with its investment mandate.</p>
<p><strong>VBS </strong></p>
<p>As for my name being linked to the debacle that is VBS, this has to be the lowest of the low in allegations. The mere suggestion that I would accept a bribe – R5 million in cash is abhorrent to me.</p>
<p>This was the allegation made by one VBS executive, to another, before being relayed to Advocate Terry Motau SC, who along with Werksman’s Attorneys, authored the “Great Bank Heist” report on VBS.</p>
<p>Advocate Motau is on record as stating that he “Cannot make a definitive finding against me and that it warrants investigation.” I welcome any investigation regarding this allegation, which I consider to be a classic case of hearsay based on evidence of two people who according to the report are heavily implicated in malfeasance at VBS.</p>
<p>I also resolutely stand by my previous statement to the press in which I stated: “I emphatically reject any suggestion that I may have received R5m to facilitate further funding for VBS Mutual Bank. The portfolio management committee of the PIC turned down an application to put more money into VBS Mutual Bank, two days before VBS was placed under curatorship.”</p>
<p><strong>Nepotism</strong></p>
<p>Another allegation made against me is one of nepotism. According to some unknown (and I suspect disgruntled) whistle-blower at the PIC. He or she has been circulating anonymous emails, which infer that I used my position to arrange employment at the PIC for my son irregularly.</p>
<p>Not only is this utterly devoid of truth – it is malicious, spiteful and asinine.</p>
<p>Yes, there is a gentleman by the surname of Matjila who was appointed as a manager of a   canteen at the office park where PIC once occupied with other corporates. However, the gentleman in question is not my son, and he is not related to me in any way or form.</p>
<p>The spuriousness of this allegation is such that if we follow this reasoning to its logical conclusion, it would mean that no one by the name of Kganyago can be employed at the Reserve Bank. Also, no one by the name of Maseko can ever be hired by Telkom. It’s an allegation so deficient in logic that it’s laughable.</p>
<p><strong>Many agendas</strong></p>
<p>The accusation of impropriety, that I advanced loans to a woman with whom I was allegedly romantically involved has already been debunked through legitimate investigative processes.</p>
<p>First, it saddens me greatly that a black businesswoman, Ms Pretty Louw, who was seeking investment for her company would have certain people immediately jump to the cynical, sexist and sensationalised conclusion that sexual favours played a role in granting her the financial assistance she sought.</p>
<p>These allegations would have been deeply insulting to the lady in question, and to me as a dedicated husband and father.</p>
<p>Second, it was repeatedly mentioned as part of this disproven allegation that I was pressurised by the then intelligence minister, Mr David Mahlobo, to invest in Ms Louw’s company.</p>
<p>As the PIC CEO, I have on countless occasions been approached by many people of influence, bankers, financiers, businesspeople and politicians across the political spectrum &#8211; with requests to invest in various companies.</p>
<p>However, as very few of these recommendations have shown any merit from an investment point of view or have met our stringent compliance practices, the majority have not been considered by the PIC.</p>
<p>Managing the expectations of politicians and people of influence is a fine line that I continually have to negotiate – a tightrope if you will. Therefore, it is inevitable and logical that some individuals who have received a negative response to their suggestion would harbour disgruntlement and even enmity towards me.</p>
<p>I wish to categorically state, that I have never been  partisan nor leaned towards any faction of a political party where it concerns my work.</p>
<p>The only masters I serve are the 1 273 125 active members of the GEPF and the 450 322 pensioners and beneficiaries who, after a lifetime of toil, deserve a secure, prosperous and dignified retirement for the rest of their lives.  I am equally indebted to members workers and employers who continue to contribute towards UIF and CC, CP, as well as other clients who expect nothing more than return on their investments.</p>
<p><strong>Competency</strong></p>
<p>PIC’s ability to deliver returns on the investments under my leadership has also been questioned. Please forgive my immodesty here, but if I lack regarding competency, or if my performance has in any way been under par, then why is it that as recently as 2016, I, the PIC has received accolades such as:</p>
<ul>
<li>CEM, a global benchmarking company, rated the PIC one of the best asset managers that has given the GEPF positive returns at a very low cost.</li>
<li>Responsible Investor (RI): Commended for the Best Responsible Investing Report by an Asset Manager of Large Funds.</li>
<li>European Magazine Awards: Best SOE &#8211; Africa European Magazine Awards: Best Corporate Governance &#8211; South African Business Leadership Awards: Africa Industry Personality of The Year.</li>
<li>European Magazine Awards: Asset Management Firm of the Year &#8211; South Africa.</li>
</ul>
<p>Up to this point, I have spent 15 years at the PIC, first as Chief Investment Officer for nine years, and four years as CEO. During my latter position, I have had the honour of working alongside three Deputy Ministers of Finance who were appointed chairpersons of the PIC. These are Mr Nhlanhla Nene, Mr Mcebisi Jonas, Mr. Sifiso Buthelezi and the current chair, the Mr Mondli Gungubele. I am grateful for their assistance and support over the last four years.</p>
<p>I also would like to thank all  dedicated and committed employees at the PIC. Your dedication, diligence and commitment to serving our clients, who are our primary concern, is an inspiration to me.</p>
<p>I want to thank my family and friends who have stood by me and who continue to support me with so much faith and conviction during these trying times.</p>
<p>Finally, I am greatly encouraged that the South African legal system, in its inexorable quest for justice, has zero countenance for gossip, innuendo and hearsay. Also, I am eternally grateful that the McCarthyesque assertions that have been aimed at me – a rumour here, a whisper there, anonymous text messages and emails – will never be deciding factors in the challenges that I face.</p>
<p>I greatly welcome the Commission of Inquiry as instituted by President Cyril Ramaphosa, and believe the inquiry will present the PIC with a proper opportunity to present facts about its corporate governance standards, operations and investment decisions in order to restore public- and shareholder confidence in the institution.</p>
<p>I am 100% confident the stability and the security of the PIC will continue unabated.</p>
<p>I humbly thank you, for the opportunity of presenting my side of the story.</p>
<p>Sincerely,</p>
<p>Dr Dan Matjila</p>
<p>Chief Executive Officer of the Public Investment Corporation</p>
<p>&nbsp;</p>


Steinhoff

Peter Armitage on why there’s no value left in Steinhoff

What will Steinhoff’s 2017 FY results reveal?

Steinhoff again delays release of financial statements sending its shares down

Why Steinhoff investors agreed to extend suspension of legal battle

Steinhoff’s former CFO working with authorities on fraud investigation

PwC’s report is a replica of Viceroy’s report: Perring

Benguela reacts to PwC’s report on Steinhoff scandal

Steinhoff class action imminent

EXCLUSIVE: Johan van Zyl opens up about Steinhoff, PwC report

Viceroy on one year after Steinhoff collapse, Nepi, Capitec

Why investors should watch out about these JSE listed companies

Steinhoff share price plunges as PwC forensic report, audited results delayed

What you need to know about Steinhoff’s US unit Mattress Firm shutting down 660 stores as it emerges out of bankruptcy

Steinhoff appoints Louis du Preez as new permanent CEO

Amabhungane uncovers former Steinhoff CEO Markus Jooste’s secret stakes

Steinhoff class action moves up a gear, how to be part of it

An open letter to South Africa from Dr Dan Matjila, CEO of PIC, addressing allegations against him

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Steinhoff

Peter Armitage on why there’s no value left in Steinhoff

What will Steinhoff’s 2017 FY results reveal?

Steinhoff again delays release of financial statements sending its shares down

Why Steinhoff investors agreed to extend suspension of legal battle

Steinhoff’s former CFO working with authorities on fraud investigation

PwC’s report is a replica of Viceroy’s report: Perring

Benguela reacts to PwC’s report on Steinhoff scandal

Steinhoff class action imminent

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