The remarkable success story of Africa's answer to Ikea turned out to be built on foundation of fake profits, which auditors only uncovered years later. | JanTamb News24_Business
In 1964, West German businessman Bruno Steinhoff started a small furniture company in the northern German town of Westerede. companies – small, usually family-owned enterprises that form the backbone of its economy.
The company, Steinhoff, forged links with upholstery and furniture producers in what was then East Germany, importing goods on the cheap and selling them to better-off West Germans. Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.
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The cupboard is bare for Steinhoff shareholders[PODCAST] ‘There’s no value for shareholders, there’s no recovery, I think the creditors will actually have to take a haircut themselves,’ - Zwelakhe Mnguni on MoneywebAtMidday with maggsonmedia. Download the podcast below. Steinhoff MarkusJooste
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