Steinhoff International, a major global retail conglomerate, based in Stellenbosch, South Africa but with its main listing in Germany, is in trouble. On Wednesday 6th December, CEO and major shareholder, Markus Jooste, resigned amid accounting irregularities, ongoing litigation and possible criminal charges, replaced by his Afrikaaner friend and Steinhoff’s biggest shareholder Christo Wiese[1]. Over the week the company has lost 90% of its previous €14bn[2] market capitalisation with the share price…
‘Stinky Steinhoff and the Secret Sauce of Stellenbosch’
08 Dec 2017
Posted by Barry Norris