Streaming issues? Report here
number-1s-at-1-on-capetalkpng
No1s at 1 with Sara-Jayne King on CapeTalk Classics
13:00 - 14:00
volume_up
volume_mute

Up Next: CapeTalk Classics
See full line-up
No1s at 1 with Sara-Jayne King on CapeTalk Classics
13:00 - 14:00
Home
arrow_forward
Business

Steinhoff money woes and why you should care

8 December 2017 8:31 AM
Tags:
Steinhoff
Investec Asset Management
Magda Wierzycka
Coronation
markus jooste
Prudential Investment Management
The company lost around R100 billion leaving the JSE reeling in one of the biggest private sector business scandals.

Breakfast show host Kieno Kammies explained that if you know Ackermans, Hi-Fi Corp, Incredible Connection and Tekkie Town, then you know the company Steinhoff - one of South Africa's largest companies.

The company's CEO Markus Jooste resigned amid allegations of acquisitions without control, tax fraud, earnings manipulation and collusion between executives trying to short change investors to hide loses. Kieno Kammies spoke to CEO of Insignia Group, Magda Wierzycka who painted a very bleak picture about the companies future and why South Africans must care.

Most asset managers help Steinhoff as an investment in portfolios be it unit trusts or retirement fund portfolios and when I say most asset managers I'm talking about Coronation, Allan Gray, Investec and Prudential. So if you have any asset managers managing your savings in any form whatsoever, the value of your savings would've been affected by the fact that R100 billion disappeared.

Magda Wierzycka, CEO Insignia Group

Just to give you an idea of the magnitude, the largest investor is government pension funds via PIC that lost R40 billion, which is the equivalent of what SAA needs for it's bailout and that money disappeared overnight.

Magda Wierzycka, CEO Insignia Group

Listen here for more on the impact of Steinhoff's implosion...

Subscribe to our Business Wrap Newsletter


8 December 2017 8:31 AM
Tags:
Steinhoff
Investec Asset Management
Magda Wierzycka
Coronation
markus jooste
Prudential Investment Management

More from Business

Donald Trump Greta Thunberg World Economic Forum Davos

The 50th annual World Economic Forum is about to end. It’s been a weird one

24 January 2020 1:18 PM

SA missing in action. Trump vs Thunberg. Stakeholder capitalism. A wrap of our coverage of this year’s World Economic Forum.

Share this:
Read More arrow_forward

bruce-whitfield-and-richard-questpng

Your entire economy was highjacked! How many are in prison? – Richard Quest, CNN

24 January 2020 10:47 AM

The Money Show’s Bruce Whitfield conducts a shocking interview with CNN’s Richard Quest at the World Economic Forum in Davos.

Share this:
Read More arrow_forward

patrice-motsepe-africa-rainbow-capital-arcjpg

[WATCH] Motsepe tells Trump 'Africa loves you', causes Twitter stir

24 January 2020 9:36 AM

Patrice Motsepe dined with US President Donald Trump at the World Economic Forum in Davos this week.

Share this:
Read More arrow_forward

small-business-cjpg

Positioning your business for success

23 January 2020 8:25 PM

Positioning your business for success - what does this phrase even mean?

Share this:
Read More arrow_forward

invest.JPG

This is how you should invest your money for the next decade

23 January 2020 7:57 PM

Personal Finance - Tips on how to invest your money.

Share this:
Read More arrow_forward

Bruce and CNN business ed Richard Quest in Davos, 2020

#WEF2020: Bruce Whitfield live from Davos

23 January 2020 7:07 PM

CNN business editor Richard Quest pulled no punches about South Africa when Bruce Whitfield interviewed him in Davos earlier.

Share this:
Read More arrow_forward

Vitality Air

People are buying tinned air for R330 per can. We’re not kidding

23 January 2020 2:32 PM

Vitality Air (from Canada) bottles air in the Swiss Alps then sells it for $23 a can. It’s like The Lorax (Dr Seuss), but real.

Share this:
Read More arrow_forward

eskom-logojfif

I've been asked to speak for Eskom, not spin for them - Sikonathi Mantshantsha

23 January 2020 12:31 PM

Incoming spokesman Sikonathi Mantshantsha says he'll continue contributing to the people of SA through his appointment at Eskom.

Share this:
Read More arrow_forward

Mahindra KUV100

Cheapest new car in South Africa: 'Well-built and a lot of car for the price'

23 January 2020 11:55 AM

The Mahindra KUV100 is the most affordable new car in South Africa. Motoring journalist Ciro de Siena took it for a drive.

Share this:
Read More arrow_forward

130520WindFarm.jpg

'Approval of Boulders Wind Farm equal to placing 45 turbines on Table Mountain'

23 January 2020 11:52 AM

Peter Pickford says go-ahead for West Coast project a classic example of govt rushing a development, not considering consequences.

Share this:
Read More arrow_forward