No clarity if Christo Wiese resigned as Steinhoff CEO - expert

South African tycoon Christo Wiese resigned on Thursday as chairman of Steinhoff, following its accounting scandal.

READ: 'Accounting irregularities for who? Fraud is what it is, Steinhoff!'

Two weeks ago Wiese was appointed as the Acting Chief Executive Officer of the company.

Portfolio manager at Ashburton Investments, Wayne McCurrie says this has left some confusion and uncertainty over his role in the company.

I think he is also standing down as Chief Executive Officer, but I am not sure about that and there was no official announcement on that. The conflict doesn't change just because he is no longer chairman.

Wayne McCurrie, Portfolio manager at Ashburton Investments

The company share price is down again, however McCurrie says this has nothing to do with the resignation.

Until we get more details on the liquidity of the company and the underlying problem, and the extent of the problem, I think the share can go 50% up, 50% down trading range for a while.

Wayne McCurrie, Portfolio manager at Ashburton Investments

Click on the link below to listen to McCurrie's analysis of the company's place in the markets....


Recommended

by NEWSROOM AI
Read More
'Accounting irregularities for who? Fraud is what it is, Steinhoff!'

'Accounting irregularities for who? Fraud is what it is, Steinhoff!'

Financial Mail Deputy Editor Sikonathi Mantshantsha says the directors of Steinhoff need to come clean and call a spade a spade.

Fund manager lays criminal charges against former Steinhoff CEO Markus Jooste

Fund manager lays criminal charges against former Steinhoff CEO Markus Jooste

The Money Show’s Bruce Whitfield interviews Benguela Global Fund Managers Chief Investment Officer Zwelakhe Mnguni.

What you must learn from the Steinhoff and EOH share price collapses

What you must learn from the Steinhoff and EOH share price collapses

The Money Show’s Bruce Whitfield interviews Galileo Capital Personal Financial Advisor Warren Ingram.

Steinhoff announces 2016 financial to be restated

Steinhoff announces 2016 financial to be restated

The beleaguered group is already under investigation in Germany for what’s being called ‘accounting irregularities’.

The Steinhoff Story: from humble beginnings to billions

The Steinhoff Story: from humble beginnings to billions

Financial Mail editor Rob Rose chats to Eusebius McKaiser about how Steinhoff became the retail giant we know, before the fall.

How Futuregrowth Asset Management dodged the Steinhoff bullet

How Futuregrowth Asset Management dodged the Steinhoff bullet

The Money Show’s Bruce Whitfield interviews Futuregrowth Asset Management Chief Investment Officer Andrew Canter.

PSG Chair Jannie Mouton opens up (kind of) about Steinhoff

PSG Chair Jannie Mouton opens up (kind of) about Steinhoff

In 2012 Steinhoff acquired 20% of wealth manager PSG, reportedly infuriating Mouton. Bruce Whitfield interviews him.

Popular articles
[LISTEN] DA MP Glynnis Breytenbach withdraws her candidacy for NDPP post

[LISTEN] DA MP Glynnis Breytenbach withdraws her candidacy for NDPP post

Breytenbach was one of 12 candidates shortlisted for the position.

SA is falling in love with Telkom Mobile (6.5m users, 50% up on 6 months ago)

SA is falling in love with Telkom Mobile (6.5m users, 50% up on 6 months ago)

The Money Show’s Bruce Whitfield interviews Telkom Group CEO Sipho Maseko.

Self-driving Merc returns to Chapman’s Peak to beat the bends in stirring new ad

Self-driving Merc returns to Chapman’s Peak to beat the bends in stirring new ad

The Money Show’s Bruce Whitfield interviews branding and advertising expert Andy Rice about Merc's stirring new ad.

Former state security boss Mo Shaik on why minister is revetting spies

Former state security boss Mo Shaik on why minister is revetting spies

State Security Minister, Dipuo Letsatsi-Duba, has announced that all agents and staff of SSA will be re-vetted.

'I don’t spend much. I drive an old car. I’ve never been in debt'

'I don’t spend much. I drive an old car. I’ve never been in debt'

Bruce Whitfield interviews analyst Chris Gilmour about his attitude toward money (hopes and fears, successes and failures, etc.).

[LISTEN] Steinhoff explained: 100 times more looted in Steinhoff saga than VBS

[LISTEN] Steinhoff explained: 100 times more looted in Steinhoff saga than VBS

Steinhoff’s Web of Deception: An Explainer with Financial Mail journalist Warren Thompson.