Markus Jooste resigns - some squeaky bum time

www.reuters.com/article/us-steinhoff-int...esigns-idUSKBN1DZ31M

Looks like another person with problems in the racing ranks. This will make van Vuuren look like a pre-grader if he gets convicted. Lots and lots of repurcusions coming.

......on the safe side.....better to use the prefix......alleged....

"looks like" good enough

Its all there Im not saying anything new or controversial. Watch those Phumelela shares in the next week

Would also edit slightly

done.

A somewhat eventful last month or so.

The superstitious amongst us might reflect that the indefensible cutting down of the blue gums at Kenilworth has sparked the 'universe' into retaliatory action. Since that act :

1.) Summer Cup washed out on scheduled day & postponed to Sunday
2.) 'World class' SA jockeys spanked by Internationals
3.) Lightning hobbles tote
4.) Jooste quits

I'm reliably informed more to come :

Gold Circle allegedly on the brink.

Whatever happened the markets are re-acting, Steinhoff share price sunk by 36% this year . It also appears of how you report material transactions to investors according to European law. Possibly wrong advise given . Something to do with the purchase of a Swiss company and also in Germany . Fact is Dutch and German authorities are looking into the allegations and the European media reports are damaging.

Markus is a good guy wouldnt tarnish his reputation

Van Vuuren, Moodley, now Jooste, all the 'big' owners are only in the game because they have 'easy' money, how can any normal tax paying citizen afford to pay those prices & bills every month?

It is a stretch to put the Jooste name in the same pot. Like him or not he was successful before his European business venture and could not have run a JSE listed company for so many years without being transparent.

Steinhoff International Holdings NV
JSE: SNH - 06 Dec, 09:05 SAST
1 756,00ZACPrice decrease2 809,00 (61,53%)

The market has spoken - 6500000 shares traded. The effect of this accounting malfunction will be massive. Whilst I expect some sort of "recovery" from here, the end result is that people will be losing fortunes

STEINHOFF INT HLDGS N.V- SNH
2200 -2,365 (-51.81%)
Wed 6 Dec, 9:22, Intraday delayed
Prices at least 15 minutes delayed. Source: JSE Ltd.

Volume 9,360,568

Tigershark wrote: It is a stretch to put the Jooste name in the same pot. Like him or not he was successful before his European business venture and could not have run a JSE listed company for so many years without being transparent.

With auditor complicity many things are possible. Jooste has made the mistake of thinking that he can get away with things on an international level that he could get away with here. The man did not resign for appearances, he is far too arrogant for that. This story has still got a long way to go, and the possible impact on SA racing could be huge.