COMPANY COMMENT: Legal battle in EU puts Steinhoff in spotlight
Few of the local analysts are surprised at the apparent level of animosity towards Jooste and Steinhoff
Steinhoff International’s share price continued to slide on Thursday, with investors evidently not convinced by the group’s dismissal of the latest damaging allegations by the European media.It’s difficult not to believe the recent spate of allegations isn’t somehow connected with the company’s legal battle with former partner Andreas Siefert. Not that Siefert is behind all the allegations relating to dubious accounting and disclosure practices, but the acrimonious battle over how their joint venture arrangement was handled has ensured everyone is looking closely at everything Steinhoff and its CEO, Markus Jooste, have done in recent years. Given that accounting standards are not exactly embedded in scientific certainty, it’s likely there’s scope for lots more high-profile disclosures. Few of the local analysts are surprised at the apparent level of animosity towards Jooste and Steinhoff. The latest allegations around the loan to a brand holding company have sparked uncomfortable me...
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