Flash Briefing: A nightmare trifecta for Steinhoff, Jooste; Massmart's price drop continues.
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Long delayed financial results for the year to end September 2017, released late on Tuesday, revealed that former Steinhoff CEO Markus Jooste voted himself R30m in bonuses which he banked just months before the group’s December 2017 meltdown.
Steinhoff’s restated financial results were dire, with a R65bn net loss causing a stock which lost over 90% from its peak to decline even further in Frankfurt yesterday.
Adding to Jooste’s woes was the release on Tuesday a dynamite report into horseracing by the Public Protector. The former Steinhoff CEO and close associates effectively controlled the sport for much of the period where the report claims abuses were perpetrated.
The South African stock market gave up 1% on Tuesday led lower by heavyweight Naspers – off 1.6% - and most of the major retailing stocks.
Steinhoff’s restated financial results were dire, with a R65bn net loss causing a stock which lost over 90% from its peak to decline even further in Frankfurt yesterday.
Adding to Jooste’s woes was the release on Tuesday a dynamite report into horseracing by the Public Protector. The former Steinhoff CEO and close associates effectively controlled the sport for much of the period where the report claims abuses were perpetrated.
The South African stock market gave up 1% on Tuesday led lower by heavyweight Naspers – off 1.6% - and most of the major retailing stocks.
