Sunday , February 5 2023

Steinhoff on the brink – Moneyweb


President Christo Wiese Steinhoff International was one-time tension. He got off on vacation in the town of Yzerfontein, near Cape Town, he was almost out on the phone.

The 77-year-old billionaire sold its store chain Steinhoff to become the largest shareholder. Now it was creating problems. The auditor of Deloitte denied the annual accounts and a few days ago he asked Wiese when Markus Jooste chief executive Markus Joost knew he had overcome business fraud.

However Wiese was expected to have a disaster owned by the French furniture builder Conforama, the United Kingdom's Poundland and Mattress Firm in the US. Jooste had to return from Germany on Monday, 4 December 2017, with the documents he had ordered. concern But in the next 48 hours revelations would leave global trade giant to face the collapse, market price $ 13.7 million and damage the South African business image.

Almost a year after, Stevenhausen's books will be awaiting a long-awaited look at the PwC inspectors, in a deeper understanding of what was happening and who was responsible. Damaged formal claims can be challenged by serious defects according to the South African police unit called Hawks. Continuous disaster accounts are based on conversations made over several months, including testimonials from people participating in events that demand anonymity on private issues, as well as in South African parliamentary sessions.

In the morning on the first Monday in December, Wiese made a 90-minute trip to Yzerfontein, the headquartered in Steinelff in Stellenbosch, a rich town between vineyards. He attended Steve Booys, Head of Audit Committee Steinhoff, and Representatives of Deloitte and PwC.

As Joost waited for them to arrive, the first wave clouds without earthquakes begin. The company announced on Wednesday that it would release annual revenues, according to the forecast, but with an important note: there would be no results. At noon, Steinhoff made 10%.

After publishing the papers, Wiese saw Jooste's voice message. The CEO landed and returned home, asking the audience to ask for a meeting at the 11th meeting. Dirk Schreiber, a German and Steinhoff European finance chief, would meet.

At approximately 10:00 a.m., Booysen's turn was to listen to Jooste. He did not even go on his way and gave legal advice, the CEO said in a text message, Booysen allegedly suggested that in the accounts he masked bad credit. When the meeting had arrived, Jooste did not appear.

Jooste and his lawyers did not respond.

Ben La Grange, the financial director, was increasingly nervous following the results he had watched this afternoon, under the direction of Steinhoff's unit in Africa. He called for a meeting at the office at the weekend and accused Deloitte of fraud. Joost could have expected good things.

At the age of 5, Wiese acquired a legal counselor asking for Steinhoff's offices and visitors to receive it. Joints thought Joost's farm and a poor state lawyer. He refused to see Wiese's face and resigned. Thus, multimillars realized that the worst fears have become reality.

Last Monday, Joost called him La Grange and he asked other executives, Danie van der Merwe and Stehan Grobler, to be in Lanzerac, owned by Wiese. At the age of 8, in a meeting of the inspection board meetings, they met. Jooste looked shaken. He confirmed his plan, but he decided to escape, and that's why he arranged for everything.

Back in the office, the inspection committee met at 11:00 p.m. At that moment Schreiber, even though he had arrived earlier in the day, made an incredible revelation that the equivalents of the company's income stream were erroneous and that the balance was hindered.

The next day, Bruno Steinhoff and his daughter Angela arrived at the meeting planned for the planned International Airport in Cape Town. Bruno, a businessman in the 1960s, no longer had a role of operation, but he and Angela each sat on the board and held a stake. Bruno Joost watched this weekend on his 80th birthday, and it was not the idea of ​​listening. With the sense of fear, Wies gathered at the office and it happened to them. He warned that his adverb value may have been revealed to the left of Angela Kruger-Steinhoff.

Usually, a meeting prior to the year before the meeting was held that the members discussed the dividends planned for next year. This time, when director Heather Sonn arrived, he looked around the room and asked what was going on and he said he looked like a funeral.

Wiese began the meeting on Tuesday to accelerate the speeding up of requests for resignation from Joondos or requesting requests. He agreed that Joost had to ask for his consent. At age 11, he called Wiese.

Jooste was attending his attorney with Cape Town and took the call. Wiese told him everything he could do but he still tried to help save the company and organize the mess. Joost replied that he would need two or three hours. But he did not show it again, and the two men said this last time.

Steinhoff decided to prepare the forensic inspectorate and PwC, and the lawyers and directors decided to stop online. At 5 in the afternoon, a director wrote a text written by Joost, saying he was making mistakes and had no time to hurt anyone, it was time to move. on the page. The doubts about that word were being clarified.

At 09:44 in Germany, the company examined the resignation of accounting irregularities and Jooste. The Stock Exchange made 62% at the beginning of trading in Johannesburg. Wiese was released 10 days later, as Sonn, Steinhoff's director and daughter was former ambassador to South Africa as the daughter who was replaced by Sonn's non-executive director.

After almost 12 months of the crisis, Steinhoff has sold assets, has canceled executives, declared Mattress Firm, closed shops, and debtors and debtors have negotiated payment delays. Meanwhile, the courts have met in three countries, including the former president of Wiese including R59 million claims.

© 2018 Bloomberg L.P

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