Steinhoff 2017 report exposes long list of conflicts of interest
Steinhoff International was run by a board of tight-knit people — too tightly knit, most would say
Steinhoff International Holdings was, for many years, run by a board of tight-knit people, many of whom had done business together for decades. Just how close they were became apparent with the release of Steinhoff’s 2017 annual report on Tuesday, which identified a plethora of related-party transactions that the company now says weren’t properly disclosed according to best corporate governance practice. Third-party deals are at the heart of an ongoing accounting crisis that’s almost destroyed the global retailer. In March, Steinhoff identified eight individuals it said were allegedly responsible for inflating asset and profit values, contributing to $17bn of writedowns. They include former CEO Markus Jooste and other former senior employees. Here’s what Steinhoff’s annual report shows about companies and transactions involving former and current directors: Christo Wiese, former chair Steinhoff found instances where transactions between the company and Wiese-owned entities weren’t ...
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