One would have to be an angel not to be angered by this sort of drivel…— Christo Wiese
The difference between the two announcements worries me…— John Burke, JSE
To me it sounds like there could be fraud involved here.— Sean Ashton, Anchor Capital
About R117 billion – a whopping 62% - was wiped off the value of Steinhoff on Wednesday.
This comes after the furniture giant said it would launch an investigation into accounting irregularities, its chief executive of almost 20 years - Markus Jooste - resigned, and it postponed full-year results.
Steinhoff’s largest shareholder and chairperson, billionaire Christo Wiese, will take charge of the company.
The company’s shares recovered only slightly on Thursday.
The Money Show’s Bruce Whitfield played a clip from a few months ago in which he interviewed Steinhoff Chair Christo Wiese.
Whitfield also spoke to John Burke (Director of Issuer Regulation at the JSE) and Anchor Capital Chief Investment Officer Sean Ashton.
Listen to the interviews in the audio below (and/or scroll down for more quotes from it).
The company rejects these allegations of dishonesty…— Christo Wiese
This matter has been floating around since 2015.— Christo Wiese
It [Steinhoff] is primarily listed in Frankfurt.— John Burke, JSE
We’re keen to get information to the market as soon as possible.— John Burke, JSE
There are very specific reasons why we can suspend trade…— John Burke, JSE
The most important thing for us is to put shareholders in a positon where they can make an informed decision.— John Burke, JSE
There’s clearly been a breakdown of institutional trust in the business.— Sean Ashton, Anchor Capital
There’s a lot of debt in this business - R96 billion…— Sean Ashton, Anchor Capital
In a highly levered entity, it’s probable that your bankers have lost trust…— Sean Ashton, Anchor Capital
It’s naïve to think this won’t have an impact, operationally.— Sean Ashton, Anchor Capital
We’ve trimmed our exposure today…
Enter your email address in the form below to receive a newsletter containing the most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.
Recommendedby NEWSROOM AI
The Money Show’s Bruce Whitfield interviews Fairtree Capital Portfolio Manager Jean-Pierre Verster.
The Money Show’s Bruce Whitfield interviews Truworths CEO, Michael Mark.
The Money Show’s Bruce Whitfield interviews Lonmin CEO Ben Magara.
Bruce Whitfield asks Personal Financial Advisor Warren Ingram for advice on how investors can safely navigate this hectic time.
The Money Show’s Bruce Whitfield interviews Steinhoff International Chairperson Christo Wiese.
Bruce Whitfield interviews the remarkable Wiese (net worth R100 billion!) about how it all began and where it’s going.
MEC of Education Debbie Schäfer confirmed that two girls aged 11 and 18 were abducted in Zonnebloem recently.
Journalist Gavin Evans says the late Mark Minnie spoke to him about his fears that those he exposed in his book might harm him.
Zille says properties under the control of the state should be made available for local government's affordable housing plans.
Dr Taj Hargey says he is advocating for the ban of women wearing burkas in public because they look ridiculous.
Institute for Race Relations researches Terence Corrigan explains why they believe the list Afriforum has released is genuine.
Juan Sanchez shares stories of Fidel Castro that’ll make you re-examine everything you thought you knew about the Cuban dictator.