EDITORIAL: Steinhoff saga a wake-up call for corporate governance
While its board failed to exercise proper oversight and due diligence, regulators were slow to impose sanctions
28 June 2023 - 05:00
Steinhoff’s collapse (https://www.businesslive.co.za/bd/companies/retail-and-consumer/2023-06-21-steinhoff-to-dissolve-as-germany-issues-arrest-warrant-for-markus-jooste/) is a stark reminder of the need for stronger corporate governance and accountability.
Last week, a Dutch court approved Steinhoff’s debt restructuring plan, in terms of which the company will be delisted and transferred to a trust, in which creditors — mainly hedge funds — will extend debt due in June to 2026 and gradually sell off its assets. ..
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