It may be too little, too late, but Steinhoff has launched legal proceedings against its former CEO and CFO to claw back salaries and bonuses paid to them before the eruption of South Africa’s biggest corporate scandal.
It is another twist in the ongoing saga which broke when auditors from Deloitte announced they could not sign off the accounts in December 2017 because they were riddled with irregularities. A subsequent forensic probe by PwC uncovered a scheme whereby inter-company dealings were masked as external income, fraudulently boosting profits and hiding costs.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
So they should the bloke is a fraud and thief
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BUSINESS MAVERICK: Algorithm method: The machines have not risenRobo-advice is simpler, quicker and cheaper, and often better. However, robo-advisers have failed to attract the masses of millennials their developers were hoping for, and have not come close to undermining their human-led rivals.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: Algorithm method: The machines have not risenRobo-advice is simpler, quicker and cheaper, and often better. However, robo-advisers have failed to attract the masses of millennials their developers were hoping for, and have not come close to undermining their human-led rivals.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: OP-ED: Zimbabwe’s maize experiment: Who will be the winners?In economics, natural experiments are hard to come by, but once in a while, you hit a jackpot without even paying a lottery ticket. For agricultural policymakers in South Africa and the continent at large, the recent developments in Zimbabwe are one such experiment.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Trump Picks Two Fed Nominees Likely to Support Easier PolicyAfter a yearlong assault on the Federal Reserve and its chairman, President Donald Trump has tapped two wildly different economists to the central bank’s board who seemingly have one important thing in common. They’re both likely to support the president’s call for lower interest rates.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Lagarde’s Exit Reopens the Question: Why Does a European Always Lead the IMF?Christine Lagarde’s premature exit from the International Monetary Fund would spark a fresh debate in global capitals over whether to maintain the tradition of appointing a European as its leader or look to an emerging market for the first time. 😔😭 Are you sure you want to get to the bottom of that question...
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Tesla Soars as Model 3 Paces Record Quarter of DeliveriesTesla Inc. shares surged in late trading as a record quarter of deliveries alleviated the worst fears about demand for the Elon Musk-led company’s electric vehicles.
Source: dailymaverick - 🏆 3. / 84 Read more »