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Chart of the day, 06 December 2018

114 views · Published 6 December 2018 · 2:28 · Indexed 28 October 2026

Channel: SABC News · 2018 · News & Politics

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It's time to take a look at our chart of the day now...
It's been a year since Markus Jooste quit as CEO of Steinhoff International at the start of an unfolding accounting scandal and share-price collapse. The announcement on 6 December 2017 sent Steinhoff's share price crashing 61%, and it lost a further 43% the next day. In October this year Bloomberg reported that Markus Jooste warned friends of impending Steinhoff crash. It was said that the former CEO sent text messages advising friends to sell shares in the company in the days leading up to the revelations of accounting irregularities. In September Jooste denied any knowledge of accounting irregularities at the time he left. In answering questions before Parliament he blamed the crash of the company's shares on its failure to release unaudited financial statements after audit company Deloitte refused to sign them off. The company is delaying the release of its results yet again this year -if you can remember the company delayed its results last year from the 4th to the 6th of December.
The company now estimates that it will publish its group audited financial statements for 2017 and 2018 by the middle of April 2019.
The 2017 and 2018 financial statements for Steinhoff Investment Holdings will be released shortly thereafter.
Steinhoff  share price fell almost 11% shortly after the announcement.
Steinhoff's share price has plunged by over 95% since its former CEO Markus Jooste abruptly resigned a year ago, erasing tens of billions of rands in shareholder value.


For more news, visit: sabcnews.co
It's been a year since Markus Jooste quit as CEO of Steinhoff International m

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