Streaming issues? Report here
Eusebius McKaiser 702 Gradient Eusebius McKaiser 702 Gradient
The Eusebius McKaiser Show
09:00 - 12:00
volume_up
volume_mute

Up Next: The Midday Report with Clement Manyathela
See full line-up
The Eusebius McKaiser Show
09:00 - 12:00

Home
arrow_forward
Business
fiber_manual_record
World

Steinhoff wants bigwigs to pay back the money as shares plunge

11 May 2018 9:52 AM
Tags:
Steinhoff
Shares
Christo Wiese
Sikonathi Mantshantsha
Financial Mail
markus jooste
Danie van der Merwe
Ben la Grange
Former Steinhoff CEO, Markus Jooste, was paid R121 million in 2017, R90 million in 2016, and R80 million odd the year before that.

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


11 May 2018 9:52 AM
Tags:
Steinhoff
Shares
Christo Wiese
Sikonathi Mantshantsha
Financial Mail
markus jooste
Danie van der Merwe
Ben la Grange

More from Business

Artjamming moves to virtual classes to keep afloat during lockdown

25 May 2020 10:17 AM

Every day #702ShoutOut and Ninety One shines the spotlight an SMMEs doing great work during lockdown.

Share this:
Read More arrow_forward

180802tobacco-billjpg

We're not considered when decisions are taken, bemoans informal traders alliance

25 May 2020 9:25 AM

SAITA president Rosheda Muller says a continued ban of cigarettes until Level 1 will put informal traders on the street.

Share this:
Read More arrow_forward

president-cyril-ramaphosa-24-maypng

Level 3 from 1 June: Exercise hours relaxed, alcohol ban lifted, but no ciggies

24 May 2020 8:17 PM

President Cyril Ramaphosa announced in an address to the nation that SA will move down to Level 3 lockdown from 1 June.

Share this:
Read More arrow_forward

200330-ramaphosa-edjpg

[WATCH] President Cyril Ramaphosa addresses an anxious nation

24 May 2020 5:00 PM

The President has delivered a lockdown update - listen to his explanation of the move to Level 3 from 1 June.

Share this:
Read More arrow_forward

Lions-Head-hiking-cape-town-adventure-tourism-table-mountain-safety-123rf

'Up to 600 000 jobs will be lost if no tourism activity resumed by September'

23 May 2020 10:42 AM

Tourism Minister Mmamoloko Kubayi-Ngubane reports back after the president consulted with industry stakeholders on Friday.

Share this:
Read More arrow_forward

drenched-family-720xjpg

Prize money will help Drenched International keep its staff working

22 May 2020 9:28 AM

Owner Matthew Currie says the business has jumped on the mask bandwagon and they have been doing multifunctional headwear.

Share this:
Read More arrow_forward

Price money consumer groceries

'Stimulus package will benefit businesses that were doing well before COVID-19'

22 May 2020 8:52 AM

Economist Xhanti Payi bemoans how red tape impacts the informal economy.

Share this:
Read More arrow_forward

b9e87335-891f-4e7c-9135-1fc06e786fdb.jpg

Investec annual profit takes a massive hit

21 May 2020 7:52 PM

Investec's annual profit has taken a massive blow, as the coronavirus hit trading income.

Share this:
Read More arrow_forward

spar-topsjpg

Losses at Polish unit dent SPAR half-year earnings

21 May 2020 7:13 PM

Graham O'Connor, Chief Executive Officer at the Spar Group, explains the drop in half-year earnings.

Share this:
Read More arrow_forward

Friends at a bar drinking wine 123rflifestyle 123rf

Is the alcohol ban driving the industry down the drain?

21 May 2020 6:47 PM

The alcohol industry expects a devastating drop in headline earnings due to the lockdown's impact on business.

Share this:
Read More arrow_forward

More from World

Facemask face mask covid-19 coronavirus 123rf 123rfbusiness 123rflifestyle

South Africa's COVID-19 recoveries reach 10,104 with 564,370 tests conducted

23 May 2020 9:42 PM

Health Minister Zweli Mkhize said there were 10 new corona-virus related deaths, bringing the total to 407.

Share this:
Read More arrow_forward

ei-7020-episodic-thumbnail-helen-254x161-fapng

Helen Rees: The Wits researcher championing SA’s fight against Covid-19

19 May 2020 1:23 PM

Helen Rees is the pioneer leading South Africa's division in the World Health Organisation's race to find a vaccine for Covid-19.

Share this:
Read More arrow_forward

hiv-do-it-yourself-home-test-kit-on-sale-in-uk-mediajpg

Scientist hails HIV prevention injection drug breakthrough

19 May 2020 12:37 PM

Professor Sinead Delany-Moretlwe says the injection is as good as the daily pill in reducing the HIV infection.

Share this:
Read More arrow_forward

coronavirus-disease-pandemic-covid-19-123rf

How ancient Africans dealt with pandemics

15 May 2020 4:39 PM

Prof Shadreck Chirikure says one of the ways to deal with the challenges was through social organisation.

Share this:
Read More arrow_forward

Little Richard

The world remembers 'the King of Rock 'n' Roll'

10 May 2020 9:48 AM

American music pioneer Little Richard died on Saturday, aged 87.

Share this:
Read More arrow_forward

Covid-19 coronavirus testing 123rf

Herd immunity: The seductive myth of Sweden and her response to COVID-19

6 May 2020 11:13 AM

Wits University's professor Shabir Mahdi explains why the Scandinavian country didn't have a lockdown.

Share this:
Read More arrow_forward

Boy child surgical mask computer homeschooling covid-19 coronavirus 123rf

World organisations to host 'Global Classroom' on COVID-19 for children

4 May 2020 6:03 PM

The live interactive event that will reach 150,000 pupils in 193 countries will take place on Tuesday.

Share this:
Read More arrow_forward

Wits University - Shabir Ahmed Madhi

Why do our babies die? Wits researcher unravels mystery around stillbirths

4 May 2020 5:33 PM

Could the fate of babies depend on infection control practices in resource-constrained hospitals in South Africa?

Share this:
Read More arrow_forward

david-moinina-sengehjpg

Minister holds Zoom meeting with baby, hailed as role model

2 May 2020 2:30 PM

Sierra Leone's education minister's being praised for participating in an online meeting while caring for his daughter.

Share this:
Read More arrow_forward

Wits University - Michael Lucas

Wits researcher’s technovation stops infection before it starts

28 April 2020 7:00 AM

As humanity is faced with increasing global emergencies. Now more than ever, we must all Contribute to Solutions: For Good.

Share this:
Read More arrow_forward