It appears increasingly probable that shareholders in Steinhoff International will walk away with nothing. The Whoa restructuring plan was approved by a Dutch court in June, with lenders agreeing to a three-year extension on the repayment of over €10 billion of debt. These entities were issued shares representing 50% plus 1 share in the group, effectively by doubling the number of shares outstanding.
Steinhoff deals come back to haunt it in PwC investigation [Mar 2019] In 2018, it said “it has been necessary for the group to engage with a wide range of professional advisors, to assist the group with its investigative, legal, financial and regulatory requirements, as it seeks to stabilise and restructure the group”. “The scale and complexity of this task has meant that the aggregate advisor costs for the reporting period have been substantial,” it added.
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SCORPIO: SARB freezes billions in Steinhoff accounts — but you wouldn’t notice in company financial statementsThe South African Reserve Bank froze the funds in five accounts linked to Steinhoff’s local operations – said to hold a cumulative value of about R5.5bn. The Reserve Bank’s intervention is sure to tie a knot in operations but has not been declared in so many words in Steinhoff’s latest annual financial statements. Some chutzpah for a company previously found to have misrepresented its financial statements. 2/ The latest Scorpio investigation has found that the Reserve Bank froze the funds in five accounts linked to Steinhoff’s local operations – said to hold a cumulative value of about R5.5bn.
Source: dailymaverick - 🏆 3. / 84 Read more »
South Africa: Sarb Freezes Billions in Steinhoff Accounts - But You Wouldn't Notice in Company Financial StatementsAnalysis - The South African Reserve Bank froze the funds in five accounts linked to Steinhoff's local operations - said to hold a cumulative value of about R5.5bn. The Reserve Bank's intervention is sure to tie a knot in operations but has not been declared in so many words in Steinhoff's latest annual financial statements. Some chutzpah for a company previously found to have misrepresented its financial statements.
Source: allafrica - 🏆 1. / 99 Read more »
Markus Jooste's 'girlfriend' wanted R150k a month - not happening, says court | BusinessThe Western Cape High Court has dismissed an application by Berdine Odendaal, the rumoured romantic interest of former Steinhoff boss Markus Jooste, to have the SA Reserve Bank pay her R150 000 a month from funds it blocked in April 2021.
Source: News24 - 🏆 4. / 80 Read more »
SCORPIO: SARB freezes billions in Steinhoff accounts — but you wouldn’t notice in company financial statementsThe South African Reserve Bank froze the funds in five accounts linked to Steinhoff’s local operations – said to hold a cumulative value of about R5.5bn. The Reserve Bank’s intervention is sure to tie a knot in operations but has not been declared in so many words in Steinhoff’s latest annual financial statements. Some chutzpah for a company previously found to have misrepresented its financial statements. 2/ The latest Scorpio investigation has found that the Reserve Bank froze the funds in five accounts linked to Steinhoff’s local operations – said to hold a cumulative value of about R5.5bn.
Source: dailymaverick - 🏆 3. / 84 Read more »