, which Steinhoff bought in an all-stock deal in 2016, and GT Ferreira, co-founder of lender FirstRand.
Another uncertainty weighing on the company is an ongoing effort to reorganise debt, which Steinhoff said is critical to the group’s liquidity. If it succeeds, the retailer “should get to a level of debt that can be sustained by the remaining operations,” said Charles Allen, an analyst at Bloomberg Intelligence.
Further risks lie in the need to negotiate with various authorities about the tax implications of the accounting wrongdoing. Steinhoff is also the subject of regulatory probes in South Africa and Germany, where the retailer moved its primary stock-market listing in late 2015. Any resulting fines over the next 12 months will also threaten the viability of the group, according to the annual report.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Steinhoff paints gloomy outlook as 2017 losses shrink asset pool
Source: News24 - 🏆 4. / 80 Read more »
Steinhoff says Markus Jooste got $2.4 million bonus without approvalsSteinhoff's former chief executive officer received almost $2.4m of bonuses without required approvals in the months before the global retailer almost collapsed amid an accounting crisis. Fin24 When will they be arrested for fraud Fin24 I hope these scumbags will be sit for a very very long time. Fin24 Lol, Its_Roch_elle - look at this, N$34 million at current exchage rate. Lol, makes me want to drop everything and dig into the financials.
Source: News24 - 🏆 4. / 80 Read more »
A €4bn net loss and dubious bonuses – 7 key highlights from Steinhoff's 'midnight special' resultsSteinhoff published its long-awaited audited annual report for 2017 just before midnight on Tuesday. From ongoing criminal investigations to questionable bonuses amid major losses, these are the seven key highlights. Fin24 Why is this human turd still not in jail?
Source: News24 - 🏆 4. / 80 Read more »
Here's what South Africans searched for on election dayWhile the Independent Electoral Commission has started counting votes, Google collected data on what users asked the search engine around the SA elections.
Source: News24 - 🏆 4. / 80 Read more »
Rand faces volatility as election results roll inThe rand is expected to face some volatility as the election results start to trickle in, say analysts.
Source: News24 - 🏆 4. / 80 Read more »
3 things markets are watching closely as SA heads to the pollsSo you're ready to make your mark, but is that enough to turn the economy around? Here are three things that the markets will be keeping an eye on as the nation heads to the polls.
Source: News24 - 🏆 4. / 80 Read more »
Ramaphosa's economic revamp at stake as SA votesFin24 Economic revamp? Do you know what legislation is going through Parliament as SA votes? Most of it entrenches a bigger role for the state. That is no way to revamp an economy.
Source: News24 - 🏆 4. / 80 Read more »
Lack of load shedding signals positive outlook for business - indexThe Absa Purchasing Manager's Index for April 2019 rose 2.2 points to 47.2, the first increase following three months of decline. Fin24 Wait till elections are over and money for diesel is gone. Fin24 For the last 3 weeks our power has gone off for 2 hours at a time and Eskom says its faults, really 2 hour faults every week, its actually load shedding but they are not informing anyone, i know other people in other areas that are also experiencing these fault sheddings.
Source: News24 - 🏆 4. / 80 Read more »
Sibanye ordered to temporarily shut platinum mine after trapped miners incidentSibanye Gold was ordered to shut down the shaft at its Rustenburg platinum mine where 1 800 workers were trapped for as long as 10 hours on Tuesday due to an accident with an underground transport system. Fin24 THEY WERE NOT GONNA DO IT VOLUNTARILY?!?!! Fin24 Anything to get free days off Further stop production and hamper the investers
Source: News24 - 🏆 4. / 80 Read more »
Strong ANC win would boost SA asset prices - Goldman SachsA strong win for President Cyril Ramaphosa’s ANC in next week’s election would trigger a rally in asset prices, according to Colin Coleman, head of sub-Saharan Africa at Goldman Sachs Group. Fin24 The SA head of Goldman is working hard for the ANC cabinet position from where he can influence the economic policies... not bad not good just saying.... Fin24 Kak Fin24 Goldman Kak..25years , dont play with us..
Source: News24 - 🏆 4. / 80 Read more »
Saudi may build new oil refinery in SA - RadebeSouth Africa is in discussions with Saudi Arabia about building a new oil refinery in the country, Energy Minister Jeff Radebe said on Thursday. Fin24 For the motsepe family and Ramaphosa Fin24 Y Saudi can't we built our own Fin24 Is this the Saudi that gave Eskom 10billion loan?
Source: News24 - 🏆 4. / 80 Read more »