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:


This article first appeared on CapeTalk : Steinhoff wants bigwigs to pay back the money as shares plunge


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