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
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