BONUSES
Steinhoff Africa Retail investors to pay R500m to bail out executives
Steinhoff Africa Retail (Star) investors, still reeling from Steinhoff’s accounting scandal, are set to fork out R500m to bail out executives who face multi-million rand liabilities linked to the parent company’s share price. Steinhoff’s share price went into free fall in the first week of December when it admitted to "accounting irregularities". The news resulted in Markus Jooste’s immediate resignation as CEO. Steinhoff’s share price closed at R1.43 on Monday. Prior to the news in December, it traded at about R56, after having reached a record high of R97 in early 2016. The executives are due the payments as a result of an incentive scheme set up before September 2017, when Star was listed separately from Steinhoff. The details of the size of the bail-out were provided by Star in a Sens announcement issued after the close of trade on Monday. The Star share price dropped 5.6% to close at R16.90. Star said late on Friday its interim earnings, due out on Tuesday, would be up to 52% l...
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