Steinhoff investors in the dark
Lack of hard financial details from AGM frustrates shareholders
Shareholders in debt-laden Steinhoff International, the retail giant felled by accounting irregularities late last year, emerged from Friday's AGM none the wiser about the status of their investments. Indications are that it will be at least two months before they see any information that reveals Steinhoff's fiscal condition. The company — which has seen its market value plunge from around R300-billion a year ago to less than R12-billion — provided shareholders with some insight into efforts to restructure its debt and reiterated commitments to investigate irregular activities by executives. Former CEO and major shareholder Markus Jooste has been at the centre of allegations regarding the inflating of profits and asset values by dubious means. But the much-needed financial data, which would help worried shareholders determine if there is meaningful value to salvage in Steinhoff, was in short supply. What was disclosed was that debt is sitting uncomfortably at €10.4-billion (about R1...
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