Steinhoff wants bigwigs to pay back the money as shares plunge

Beleaguered global retailer Steinhoff International says it may want to recover millions in bonuses paid to senior executives.

The Financial Mail's deputy editor, Sikonathi Mantshantsha, says Steinhoff wants money back from those who perpetrated fraud against the company.

Also read: Christo Wiese sues Steinhoff for R59 billion

Steinhoff's share price hit an all-time low of R1.74 per share on Thursday.

Steinhoff could be retrieving money from former CEO Markus Jooste, former finance boss Ben la Grange, and ex-COO (currently acting CEO) Danie van der Merwe.

Jooste was paid R121 million in 2017. He was paid R90 million in 2016, and R80 million odd the year before that.

Read: What we learned from the Steinhoff failure (SA's largest corporate scandal ever)

The disgraced retailer is worth R6 billion on the stock exchange, while it owes its creditors R163 billion.

Steinhoff is working on a restructuring plan to pay its debt and will likely continue selling assets off in the plan, Mantshantsha says.

If the creditors do not accept that restructuring plan, there may well not be a Steinhoff in its current guise.

Sikonathi Mantshantsha, deputy editor at the Financial Mail

This thing is still falling, it's like catching a falling knife.

Sikonathi Mantshantsha, deputy editor at the Financial Mail

It seeks to recover bonuses paid to its executives who failed to notice the fraud that was going on and perpetrated the fraud against the company.

Sikonathi Mantshantsha, deputy editor at the Financial Mail

In the past five years alone, former CEO Markus Jooste was paid about R500 million for working for Steinhoff.

Sikonathi Mantshantsha, deputy editor at the Financial Mail

Steinhoff says its going to check who among its executives knew of the fraud that was being perpetrated against the shareholders, as part of its attempt to apportion blame for all of this.

Sikonathi Mantshantsha, deputy editor at the Financial Mail

Take a listen to Sikonathi Mantshantsha break things down:


Recommended

by NEWSROOM AI

CapeTalk welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the CapeTalk community a safe and welcoming space for all.

CapeTalk reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

CapeTalk is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
Christo Wiese sues Steinhoff for R59 billion

Christo Wiese sues Steinhoff for R59 billion

Companies in Wiese’s Titan Group lodged the claims, relating to investments made in Steinhoff. Bruce Whitfield interviews Wiese.

Unions barred from Steinhoff AGM, picket outside CTICC

Unions barred from Steinhoff AGM, picket outside CTICC

Unions were denied representation at the Steinhoff AGM, and were told that the meeting was reserved for direct shareholders.

Steinhoff's Johan van Zyl throws in the towel just days before the AGM

Steinhoff's Johan van Zyl throws in the towel just days before the AGM

Deputy Editor at Financial Mail Sikonathi Mantshantsha says van Zyl won't be at the AGM to account for what happened at Steinhoff.

Shameless Steinhoff board members want millions for managing crisis they created

Shameless Steinhoff board members want millions for managing crisis they created

The Money Show’s Bruce Whitfield interviews Jannie Rossouw, head of the Wits School of Economic and Business Sciences.

Steinhoff ex-CEO Markus Jooste gives SA lawmakers the middle-finger, yet again

Steinhoff ex-CEO Markus Jooste gives SA lawmakers the middle-finger, yet again

The Money Show’s Bruce Whitfield interviews Yunus Carrim, Chairperson at the Standing Committee on Finance.

Popular articles
'Basetsana Kumalo explained to me that this was the worst week of her life'

'Basetsana Kumalo explained to me that this was the worst week of her life'

Social Media Law Expert, Emma Sadleir, says the Randburg court has issued a protection order for the Kumalo's.

A third Metrorail train goes up in flames in less than a month

A third Metrorail train goes up in flames in less than a month

Regional manager, Richard Walker, says there's an indication of arson in all three incidents but the motive is still not clear.

'Cyril Ramaphosa is the weakest president of the ANC since 1994' - analyst

'Cyril Ramaphosa is the weakest president of the ANC since 1994' - analyst

Political analyst Prince Mashele talks about the ANC NEC meeting contradicting messages stemming from this.

Max du Preez opens up about money (and losing everything on Vrye Weekblad)

Max du Preez opens up about money (and losing everything on Vrye Weekblad)

The Money Show’s Bruce Whitfield interviews the famed and fearless journalist about his money history, hopes and beliefs.

2 best companies on the JSE to invest in now (by Nefg Fund Managers)

2 best companies on the JSE to invest in now (by Nefg Fund Managers)

Not sure which shares to buy? Bruce Whitfield interviews Gerbrand Smit, Chief Investment Officer at Nefg Fund Managers.

Malema under fire after 'Indians are racist' comment

Malema under fire after 'Indians are racist' comment

SA Institute of Race Relations media head Micheal Morris says politicians must be cautious of such divisive statements they make.

[WATCH] Eusebius Mckaiser: I call BS on Malema's racism targeting Indians

[WATCH] Eusebius Mckaiser: I call BS on Malema's racism targeting Indians

Show host Eusebius McKaiser says EFF's leader Julius Malema's comments on Indians are grossly unacceptable and irresponsible.

Here's how to check your load shedding schedule in Cape Town

Here's how to check your load shedding schedule in Cape Town

Stage 1 load s​hedding has been declared nationally. The City of Cape Town has urged residents to take note of the schedules.

Man who dumped body of family dog in street demoted at top JHB law firm

Man who dumped body of family dog in street demoted at top JHB law firm

Media law guru Emma Sadleir warns employees online that there are many potential events that could bring a company into disrepute.