Push to suspend Steinhoff shares as suspicion swirls
In September, Markus Jooste dismissed Andreas Siefert’s allegations. Right now that dismissal sounds a bit hollow
It is a sign of just how little trust there is in the former Steinhoff directors that their retirement from the board of the listed entity has prompted the suspicion that they will use the opportunity to trade in the shares without having to make any disclosure. It hardly seems possible, but given all that has happened in the past two weeks the suspicion is understandable.It may also be why the push continues for the share to be suspended. Shareholder activist Theo Botha believes too many people with access to insider information are now in a position to trade against investors without the same access. He wants the JSE to look closely at a possible suspension. It’s not as though this is a storm that is going to pass anytime soon. Steinhoff’s reconstituted supervisory board will be faced with fires on all fronts for the next several weeks. It not only has to persuade funders not to abandon an apparently sinking ship, this week it also has the Dutch case to contend with. Dutch courts ...
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