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#Steinhoff: How economists reacted on Twitter

Dec 08 2017 15:18

Cape Town – Twitter has been abuzz since news broke on Tuesday evening that Steinhoff International's CEO Markus Jooste had immediately resigned. 

The global retailer's supervisory board also announced that PwC would be carrying out an internal investigation into the firm's books, after "accounting irregularities requiring further investigation" came to light. 

The double whammy spooked investors and sent the firm's share price into a steep fall.

It has lost over 80% of its market capitalisation since the announcement, wiping tens of billions of rands off the JSE. 

Here is how SA economists and business people reacted on social media.

Iraj Abedian, economist and CEO of Pan-African Investment and research service has likened Jooste’s actions to those of suspended Eskom chief financial officer, Anoj Singh and the recent KPMG saga.

Former First National Bank CEO and venture capitalist Michael Jordaan said he was encouraged that some investment algorithms managed to avoid Steninhoff.

Wayne McCurrie of Ashburton Investments said he's seen plenty of corporate disasters over 30 years, but he's never seen such a massive reaction in a huge firm company so quickly.

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