Steinhoff seeks fresh start, nominates new auditor
By Janice Kew, Bloomberg - Sep 2nd, 15:58
Steinhoff International Holdings NV nominated Mazars as its new auditor as the South African retailer looks for a fresh start after an accounting scandal almost destroyed the company.
Mazars accepted an offer to replace Deloitte, Steinhoff's board said at its annual general meeting in an Amsterdam hotel recently and shareholders will be able to vote on the proposal at a later date.
Deloitte's refusal to sign off on Steinhoff's financials for the year through September 2017 ultimately brought to light a web of inflated asset values and dubious third-party transactions that caused the share price to collapse. However, it later emerged that the firm had signed off on audits from previous years that were similarly flawed, and Deloitte is being investigated by accounting regulators.
Shareholders present at the meeting were quick to question how Steinhoff had come to select Mazars and whether it's up to the task. While Deloitte has reviewed and restated earnings for 2017 and 2018 after months of work, little over 50% of investors voted to approve the results, with many abstaining.
Among investors present at the meeting were representatives of VEB, the Dutch firm leading a class-action lawsuit against Steinhoff in the Netherlands.
They urged Steinhoff's management, led by CEO Louis du Preez and chair Heather Sonn, to release the full version of a forensic report by PwC into the financial transactions behind the crisis.
The executives reiterated that the results of the probe could not be released due to ongoing legal action against the company.
Equally, publication may jeopardize Steinhoff’s claims against former managers, company officials said, including ex-CEO Markus Jooste.Fin24
Pick n Pay rolls out R4 lifetime reusable bag made from recycled plastic bottles
20/09/2019 - 14:14
Pick n Pay is rolling out its new budget green People n Planet reusable bag nationally after a successful trial with customers earlier this year. The bag is expected to be in all stores by mid-October.
Shoprite targets rivers on World Cleanup Day
19/09/2019 - 14:59
The Shoprite Group has partnered with the South African Department of Water and Sanitation to host river cleanups on World Cleanup Day (21 September 2019) and everyone’s invited to join in.
Zara launches online store in South Africa
19/09/2019 - 11:58
Zara has launched its online sales in SA through its dedicated website zara.com/za. This marks an important milestone in the expansion of Zara’s integrated store and online platform into markets where it already has a store presence.
Pick n Pay launches collectable Rugby Super Cards
19/09/2019 - 11:28
Local sports fans can once again feel part of the upcoming rugby tournament thanks to the launch of Pick n Pay’s new Rugby Super Cards.
Ackermans launches ‘Moms4Moms’ educational platform to give mothers a helping hand
16/09/2019 - 14:03
According to a 2017 Statistic South Africa report, 61% of South African children are raised by only their mothers. This reveals that the majority of South African women have to navigate single-parenthood, as well as being the sole provider for their families.