Steinhoff leaks

Lol Sylvester love you my buddy sorry if you had shares hope to see you soon

Cape talk at 6 tonight

Braam is on to talk about Steinhoff/Tekkie town etc

Think you can listen on line

Seemed to be blaming Star more than Jooste

www.702.co.za/articles/305720/steinhoff-...-tekkie-town-founder



No, not in my book [when asked if Jooste is a ‘crook’]… He apologised to me, and said he’ll never be able to look me in the eye again… We’ve had contact, but it’s a very awkward time… I’ve been through this before, I was a neighbour of Hansie Cronje!
— Braam van Huyssteen, Tekkie Town

It’s not my place to judge him [Markus Jooste]… He told me that I can ask him whatever I want to… I had no reason to ask him.

WOW - you dom't ask the man who paid you with "monopoly money" what he did to cause that crash when he gives you an opportunity to question him?

From Alec Hogg’s blog

Despite it being such a massive financial disaster, there’s also growing entertainment value in the Steinhoff scandal.

The latest twist in this sordid tale has now burst into the open with Tekkie Town’s founder and former Steinhoff Africa exec Braam van Huyssteen starting to vent his spleen. Which is precisely what you’d expect of an entrepreneur cheated out of a billion rand when being conned in to taking fake money (ie Steinhoff shares) for his thriving shoe retailing business.

On the other side, apart from having to explain why Van Huyssteen was summarily dismissed last month, Steinhoff Africa’s directors are struggling to justify why shareholders must pick up a half billion in losses on behalf of the executive share incentive scheme. I’ve been chatting to both sides. And both have agreed to formal on-the-record interviews for next week. These promise to provide some clarity on a complex and pretty confusing situation.

But next to the main event, the Tekkie Town disaster is a side-show. My sources say PWC’s 60 or so forensic auditors who have spent the past six months unravelling the Steinhoff knot have already turned up sensational information. And there’s still another six months to go. Brace yourself South Africa. With jet setting lifestyles, fast women, slow horses, industrial scale skulduggery and a conscience-free sociopath, this saga has “mini series” written all over it.

tHE same hogg who thought jooste was the closest thing to the messiah for south african horseracing ..

Different lyrics to the song that was sung when the story first broke.....

The PWC investigation will turn up lots of dishonest dealings and perhaps
highlight the amounts spent by all the Executives of a Public company on their
own pleasures Helicopters to golf courses ,stud farms etc and the private jet
to race meetings.
But what about the price paid for Tekkie Town?
Would love to see the last year financials
Heard the price was between 60 to 100 % overpaid
That's why Actis took the cash and ran
Van H did not complain then!!

I have had little sympathy for BvH throughout this but I do think he's been taken for a ride here. There's a common theme as to how the fraud occurred and its all about related parties on the other side of deals. The key is cash but Braam was paid shares so very unlikely he was involved as he didn't have the opportunity to liquidate any of his shares. Pepkor guys are sharks and have little doubt a number of them will be implicated in a number of the dodgy deals over the last 20 odd years. Pieter Erasmus joining up with Star again is beyond a joke and his name will be mentioned numerous times with regards to the Steinhoff boys shipping debt off balance sheet a couple years ago when everything comes out. I'll leave it at that but at the end of all this I believe it'll be very clear that Braam wasn't one of the bad guys - yes the price paid by Steinhoff was too much for TT but that's not Braams fault. There's no doubt there's lot of things he should've done differently but I do hope he is able to wrestle his business back from these guys - he's great at what he does and Tekkie town will disappear without him along the hundreds of jobs its created.

www.biznews.com/sa-investing/2018/06/22/...steinhoff-land-deal/

mind boggles where was the checks and balances

www.businessinsider.co.za/star-walkout-2018-6

More Jooste Poison filtering out

Police Minister Bheki Cele has confirmed that the Hawks are investigating three cases related to allegations of fraud at Steinhoff [JSE: SNH] and its subsidiaries.

Cele had issued a written reply dated May 2, 2018 to a question by DA MP David Maynier - who had asked if the Hawks or the South African Police Service were investigating accounting irregularities at the company.

Maynier also asked if the Hawks had received a report from Steinhoff’s audit committee chair Steve Booysen related to allegations against former CEO Markus Jooste.

In his response, Cele explained that the Hawks had received a report from Booysen on January 30.

The report alleges that Jooste is guilty of several offences.

One related to him being party to the "falsification of accounting records" and that he is guilty of "knowingly providing false or misleading information" for fraudulent purposes, when the law required otherwise.

Another allegation is that Jooste was party to an "act or omission by the company to defraud creditors or employees of the company, or the holders of the company’s securities", again for fraudulent purposes.

The report also alleges that Jooste was party to the "preparation, approval, dissemination or publication of a prospectus or a written statement" which contains an "untrue statement" as defined or described in terms of the Companies Act.

READ: Steinhoff submitted 'malicious' report to Hawks
Hawks head of specialised commercial crimes Major-General Alfred Khana had also previously told Parliament’s Standing Committee on Finance in March that there were three Steinhoff matters being investigated.

Two cases were filed in Stellenbosch and one in Sandton. At the time he explained that the Hawks will be probing fraud at Steinhoff. "Everything that has been done relates to misrepresentation, which led to billions [of rands in losses] suffered by various bodies or individual parties," he said.

He had also criticised Booysen for dropping the report, a day before Steinhoff’s first hearing at Parliament on January 31. He had said the Hawks had to get detailed information from Booysen to have a "decent investigation" into the matter.