Markus Jooste resigns - some squeaky bum time

Christo is a wiz

pirates wrote:

Over the Air wrote: Steinhoff shares now R14-00 DOWN 70%

worth a dabble?

Totally agree....... ..for a company that once traded at R90 and has over 90000 staff there must still be a bit of value at this price..........

Also resigned of PSG as well......

The old saying applies, buy on fact, sell on rumour.

An even older saying says buy.......when there is blood on the street!.

Steinhoff now showing slight recovery, yo-yo on Phum continues.

Don wrote: Steinhoff now showing slight recovery, yo-yo on Phum continues.

Steinhoff is all about trying to work out what the liquidation would be. Who is buying Phumulela shares I do not know, Jooste will almost certainly scale down and that's huge problems for Phumulela. If Jooste has to completely pull out he will cripple the entire industry in this country

Would Jooste cripple SA racing industry if he pulled out ?
What % of horses racing in SA does he own ?

Well it seems to be a day of note. I have no real interest in this whole saga and dont own a share on a stock exchange. I am to stupid and its very confussing to tell you the truth. Much easier to find a PA .

Can someone please maybe summerize the day for all the members like me. When things like this are mentioned on TV News of R 100 Billion lost today , one needs understand Action vs Reaction.

Pension Funds , Checkers , Phumalela , PSG , I mean this list just goes on and on. I have always since the start had a small gut feel that Steinhoff is a bit of a Pyrimid type company , could be way off tge mark, however the way things are going or sounding today is that the Pyrimid is coming down

WRT Phumalela and this Tax story - Would it be a surprise to find something in Phumalela with Mr Riaan - Lets not forget he was put in the position by MJ. Went to University with MJ. and is a Tax Specialist with many Degrees in Taxation behind his name,

I have made some big mistakes’ Markus Jooste pens letter to Steinhoff staff - www.moneyweb.co.za/news/companies-and-de...e-some-big-mistakes/

Bob Brogan wrote: I have made some big mistakes’ Markus Jooste pens letter to Steinhoff staff - www.moneyweb.co.za/news/companies-and-de...e-some-big-mistakes/

If that letter is true it makes Roy Moodley look like a saint and the ones before of him. Thousands upon thoudands people livelihoods are at jeopardy now.

Insider trading

The FSB said it’s also investigating new possible insider-trading cases linked to shares of retailer Steinhoff International Holdings, wireless carrier Vodacom Group, Famous Brands, Super Group and WG Wearne.

The Vodacom probe covers trading in October. It was in that month that South Africa’s Competition Commission announced it had started an investigation into possible abuse of dominance after Vodacom secured an exclusive contract with the National Treasury. Vodacom’s stock declined for two consecutive days prior to that announcement and had dropped more than 1% on October 4 before the antitrust body’s statement.

The FSB’s Steinhoff probe is for trading in August. That was the month in which the retailer was accused of dishonesty in a Manager-Magazin report about chief executive officer Markus Jooste being among employees under investigation by German prosecutors in a 2015 case linked to possible accounting fraud. Jooste resigned on Tuesday after Steinhoff reported irregularities in its accounts that require further investigation.


I wonder ,if they turn up the heat, who will be found out in this move?

www.moneyweb.co.za/news/companies-and-de...gupta-linked-oakbay/

I also wonder how many Racing friends bought Steinhoff shares because of association with MJ? I bet a few Phumelela boys invested in this company and now have lost a great deal... I hope things pan out as there are far too many people in the retail sector that could lose jobs if the company dies...