ROB ROSE: Steinhoff vultures in the headlights
A new ruling torpedoes Steinhoff’s ‘settlement offer’. But the vulture investors, who bought in after the fraud, may lose their windfall
08 July 2021 - 05:00
In the soap opera that is the fraud-ridden retailer Steinhoff, there are some roles you’d want to play, and roles you’d run a thousand miles to avoid. No-one today wants to be CEO Markus Jooste, for example, the man accused of being the mastermind behind the fraud which led to profit being inflated by R106bn over a decade.
Nor would you choose to be his successor as CEO, the steely corporate lawyer Louis du Preez, who has the unenviable task of cleaning up the mess and trying to make sure the retailer doesn’t drown in debt...
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