UCT Accounting prof Alex Watson: Unravelling Steinhoff’s Gordian Knot
Embattled Steinhoff lifted its veil yesterday for the first time since the once mighty group brought to its knees after the disclosures of massive fraud and corruption conducted over more than a decade. It wasn’t pretty. Punters who had pushed the share price to 148c ahead of the presentation were licking their wounds as the price fell sharply as the depth of the problem was exposed, with the shares closing the session at 124c, It has taken literally hundreds of skilled financial investigators a full 20 months to “straighten the plate of spaghetti” ahead of the first presentation to investors since the bombshell exploded in December 2017. Here’s the presentation by recently appointed board member, the UCT Accounting Professor Alex Watson who explains the complexities of the Markus Jooste accounting system – and how this Gordian Knot was unravelled.
Author: BizNews The Daily Insider