He told us how Steinhoff insiders had used what he called “back- end” companies involving King and similar insiders who “pretend to be unrelated” to do deals. They explain how hero worship of former Steinhoff CEO Markus Jooste played a role, but there were also basic mistakes made by the board and management team. "I do not think I did anything deliberately wrong‚" former Steinhoff CFO Ben la Grange insisted in Parliament Wednesday. Steinhoff did many transactions with companies that were supposed to be independent third parties – but secretly had strong links to Jooste. The Steinhoff director said those “back-end guys” would pack Steinhoff-leased properties into a holding company, then push up the price of the rentals, and based on that, increase the value of the property in their accounts. ... what he did you don't do for the fun of it. powered by Microsoft News. Grootes had asked him how the retailer was looted under his watch. Former Steinhoff chairperson Christo Wiese said that the forensic investigation into the global retailer would ultimately reveal how accounting fraud took place. 1 Min Read. ... How did Steinhoff's brilliant boss manage to cause one of the biggest company crashes in SA history? Steinhoff is a classic case of corporate governance failure, while the collapse also shows the danger of an all-powerful chief executive, and the limitations of a two-tier board structure. Steinhoff at the time denied the content of the article. How did the Boytjie lose his billions? These deals made Steinhoff look much more valuable and profitable than it really was. Awards affirm the vital work that teachers do. Finally, Steinhoff would … "I do not think I did anything deliberately wrong‚" former Steinhoff CFO Ben la Grange insisted in Parliament Wednesday. In particular substantial facts and allegation are wrong or misleading," it said in a statement. German prosecutors have been keeping their cards close to their chests. Many of deals involved companies buying things from Steinhoff, like trademarks. msn news. Wiese was speaking to Stephen Grootes on SAfm on Friday. In addition, serious questions have to be asked about the external auditors who signed off … "The company rejects the allegations of dishonesty contained in the statements. While Stein­hoff In­ter­na­tional has ac­knowl­edged that Siefert was a joint ven­ture part­ner in the France-based retailer of fur­ni­ture and house­hold goods, Siefert claims Stein­hoff In­ter­na­tional’s 2016 ac­counts do not ac­cu­rately con­sol­i­date the mi­nor­ity in­ter­est that he held. Flaws in the Steinhoff structure. EDINBURGH — University of Stellenbosch Business School academics have scrutinised the rise and fall of Steinhoff from all angles, concluding that the human dimension is the key factor in the company’s downfall. “From my side, I also do not think I did anything deliberately wrong,” said Ben Le Grange, ... Ex-Steinhoff CFO says did nothing wrong in accounting scandal. Former Steinhoff CFO Ben la Grange says that he's deeply saddened by the money that was lost in the company scandal that saw a 95% dive in share prices.

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