ROB ROSE: Five years on, against all odds, Steinhoff lives
The Steinhoff saga has become famous for its class action settlement — and infamous for the speed of prosecutions
08 December 2022 - 05:00
Five years ago this week, the tectonic plates of South Africa’s corporate sector shifted irreversibly.
On December 6 2017, in a terse 245-word statement, Steinhoff — which owned powerhouse retail brands such as Pep, Joshua Doore and Incredible Connection — said “new information has come to light today which relates to accounting irregularities”. CEO Markus Jooste, it said, “today tendered his resignation with immediate effect”, adding primly that shareholders “are advised to exercise caution when dealing in the securities of the group”...
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