Steinhoff on the hill – Moneyweb


It was a sick weekend; for Christ Wiese, chairman of Steinhoff International. Hunkered went down at his foreclosure in the Yzerfontein harbor town, near Cape Town, almost by phone.

The 77-year-old billionaire has been at & # 39; selling his clothes story shop to Steinhoff, makes it the biggest shareholder. Now there was a problem to breed. Analysts from Deloitte have refused to submit on the annual accounts and the previous days asked Wiese if he knew that the chief executive Markus Jooste had years of life managed at & # 39; business.

But Wiese hoped that a serious disaster could be defended by the French Conforama furniture owner, the British Poundland and British Mattress Association. Jooste was returned from Germany early to Monday, 4 December 2017, which documented his promise to reduce concerns. But disclosures over the next 48 hours left the global collapse of the collapse of the collapse, eliminating a market value of $ 13.7 billion and its value; eliminating the profile of South African business.

Nearly a year has been trying out probes to Steinhoff's books with researchers. PwC is near to be ready, promising a deeper view of the misbehavior that happened and who was responsible. Formal taxes can contravene anyone involved in crime, according to a South African police unit called Hawks. This account of the current melting is based on a number of interviews over a number of months with people involved in the events that call anonymous name to & # 39; Consideration of private matters, as well as a certificate given in the parliamentary hearings of South Africa.

Before mornings early on the first Monday of December, Wiese made the 90-minute tour from Yzerfontein to steinhoff headquarters in Stellenbosch, a wealthy town that was in the middle of December. nesting among vineyard. He then met Steve Booysen, head of the Steinhoff inspection committee, and representatives from both Deloitte and PwC.

While they were & # 39; Waiting for Jooste to come in, the first ruin of earthquake is the one that; Continue to start to & # 39; gut out The company stated that it would publish an annual earning on Wednesday, as it was recorded, but with a great deal of terror: the results would not be inspected. By lunchtime, Steinhoff shares had fallen by 10%.

Minutes after the statement was published, Wie saw that he had a voice message from Jooste. The Chief Executive was just ashore and he went home to a spell, He asked that inspectors were scheduled for a meeting of 11 a.m. because his evidence was required. Dirk Schreiber, a German national and Steinhoff's finance leader in Europe, would join him.

Shortly before 10 a.m., the Booysen tour was heard from Jooste. He was still on his way and legal advice, the Chief Executive said in a text message – which Booysen's minds are and his; suggest that the accounts were actually financially damaging. Surely, when the time of the meeting, Jooste did not appear.

Jooste or his solicitor did not respond for comments.

Ben La Grange's financial chief executive has become increasingly worried about that evening after going to # 39; provides the analyzed results for the African unit that was erased from Steinhoff, which he gave as Director. A meeting was held at the offices over the weekend and showed Deloitte's complaints about fraud. It was said that Jooste was better waiting to explain things.

At about 5 p.m., Wiese received a call from a legal adviser to ask if he was at Steinhoff's offices and being able to get a visitor. When he arrived, the lawyer said that Jooste was at his farm and in a bad state. He wished to see Wiese face to face and her & # 39; retired. That's when the billionaire saw the worst fears going to be a truth.

Earlier on Monday, Jooste called La Grange and asked two other officers, Danie van der Merwe and Stehan Grobler to be brought together to meet him at Lanzerac, a hotel, a hotel and spas near the home; at Wiese. At about 8 p.m., over a meeting of the meeting of the inspection committee, they met. I was looking good. He will report on his plan to stop it, but ask them to stay and promise to help him get everything out.

Back in the office, its audit committee continued until about 11 p.m. At that time, Schreiber, who had come alone earlier in the day, was a fascinating show that the entry of cash equivalents in company accounts was wrong and the balance was given.

The next morning, Bruno Steinhoff and her daughter Angela came to Cape Town International Airport for a scheduled front board meeting. Bruno, who founded his & her; company in the 1960s, was not an active place now, but Angela sat down on the board and caught hold of him. Bruno had just seen Jooste at his 80th birthday in Germany on that weekend, and he did not know what he was going to do; hear. Feeling frightened, Wiese met them in the office and told them what happened. A warning that the value of their extracts may be deleted from the left. Angela Kruger-Steinhoff is shaken clearly.

Usually, I have a meeting to & # 39; board held before the annual releases were released lively as a member of debates debate and planned for the coming year. This time, when the director came Heather Sonn, she looked around a boardroom and asked what she was going on and said that it was like a funeral.

Wiese started on a Tuesday meeting by sending her to # 39; board up quickly, and asked whether they should accept Jooste's offer to resign his office or ask for the rattles to settle. It is the consensus that Jooste should be asked to come in. At about 11 a.m., Wiese gave him.

Jooste was with his lawyers in Cape Town and took his call. Wiese told him he would never do what he did, but could try to save the company and come in to help it. negotiation and price. Jooste replied that it would be in two or three hours. But again it was not possible to look, and that was the last time the two spoke.

The board started preparing to tell Steinhoff that PwC had been appointed to carry out a forensic study and to arrange solicitors and directors to maintain the vessel. At about 5pm, one text message leader had been sent to him who showed that Jooste had been written by him, saying he made mistakes and had never always meant anyone do not damaging, the time was going on. Concerned about the word that was fired out and # 39; Increasing the crisis to publish the statement.

At 9:44 p.m., in Germany, Jooste released its analysis of accounting and functional anomalies by its company. The 62% stock expanded in Johannesburg at the start of trade. After 10 days later, Wiese was released as a non-executive chairman, Sonn, director Steinhoff and the former African American ambassador to the US Earlier this year, she did the same as the seller who was accompanied by a burning building.

In almost 12 months from the start of the emergency, Steinhoff has been selling assets, prohibiting operators, saying that the likelihood of an Old Man is broken into credit, closed stores and payroll negotiated by dancers and lenders – as long as governors are under scrutiny. At the same time, lawsuit has been raised up over three countries, including a R59 billion bid with former Wiese chairman.

© 2018 Bloomberg L.P

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