15225 replies to this topic

[Ms Jet]

So just taking a quick glance and obviously different scenario this article was 23 August I think 2018.On 23 August price was 8.59 usd , went up to 8.75 after article 27 August and now at 8.50....Price has nearly settled at starting point, not very relevant but no mega drop unless glanced to quickly and dates wrong. 1year ago price was 15..5 years ago 12.....Wasn't very reactive....

[LarryK]

Interesting Larry...

Also pretty severe share price drop 2015-2016!

[Ms Jet]

https://www.bloomber...m/quote/6837:HK
Looks like it.

Interesting Larry...

[leo]

 

[LarryK]

Americano- what was the outcome of that share, is it still trading? Thanks

https://www.bloomber...m/quote/6837:HK
Looks like it.

[DayTraderDad]

Americano- what was the outcome of that share, is it still trading? Thanks

Jet I dont' know much about this bank just read the article.

[Ms Jet]

Americano- what was the outcome of that share, is it still trading? Thanks

 

[DayTraderDad]

While I’m not sure he is innocent, listening to his testimony I have my doubts it could have been just him.
1. Like he said there’s evidence in writing that other individuals were aware of auditing concerns months in advance.
2. Why could German government not pick up anything illegal if there’s been a 2 year investigation?
3. Snh is parent company for a number of international companies, each with own board, ceo, etc. How did he force them to commit anything illegal without any whistle blowing?
4. How could he have forced the board and acquisition committee to purchase companies for above market values? Surely they would have done due diligence?
5. I agree with him that they should have published unaudited results in December and then work to sort this out. Regardless of him staying on. Not publishing results caused the most damage.

August 23, 2018 at 11:30 p.m.

When the Haitong Bank publishes the report and accounts for 2016 in April 2017, the most relevant information does not relate to this year, but to the previous one. Deloitte, which replaced KPMG in November, reopens and changes the results of 2015 due to accounting errors found in the accounts. The losses are almost triple.

 

The first photograph of the 2015 accounts, released in April 2016, was José Maria Ricciardi the CEO, shows a positive performance, with losses falling from 138.5 to 35.4 million euros. The improvement is mainly due to the 84% reduction in impairments and provisions, which stood at 38.9 million.

 

A year later, with a new CEO, Hiroki Miyazato, and a new auditor, Deloitte, the portrait is different. The loss of the former Banco Espirito Santo de Investimento (BESI) is no longer 35.4 million, but 98.3 million, almost triple. The difference is in impairments. The report signed by Deloitte speaks of "errors" in the 2015 accounts that required the recognition of new impairments, which went from 38.9 to 104.3 million in the new accounts, that is, an additional 65.4 million.

[leo]

Regarding sense announcements:

 

• Has the LUA, with Steinhoff Europe AG (“SEAG”) been completed?
• Public and Pvt lenders meeting on the 20th Sept - Not sure what they discussing, beside issues with repayments - Or could this be the start of debt to equity conversion discussions???

 

[LarryK]

I agree with Markus Jooste he did nothing illegal it is the accounting that has failed and the drop in the share was investment houses dumping the share. Just read this sound like another Steinhoff:
https://translate.go...ong&prev=search

While I’m not sure he is innocent, listening to his testimony I have my doubts it could have been just him.
1. Like he said there’s evidence in writing that other individuals were aware of auditing concerns months in advance.
2. Why could German government not pick up anything illegal if there’s been a 2 year investigation?
3. Snh is parent company for a number of international companies, each with own board, ceo, etc. How did he force them to commit anything illegal without any whistle blowing?
4. How could he have forced the board and acquisition committee to purchase companies for above market values? Surely they would have done due diligence?
5. I agree with him that they should have published unaudited results in December and then work to sort this out. Regardless of him staying on. Not publishing results caused the most damage.

[DayTraderDad]

Polly I get what you say and agree this doesn’t sound legal. But how come it went unnoticed for so long?

 

Polly I get what you say and agree this doesn’t sound legal. But how come it went unnoticed for so long?

I agree with Markus Jooste he did nothing illegal it is the accounting that has failed and the drop in the share was investment houses dumping the share. Just read this sound like another Steinhoff: 

https://translate.go...ong&prev=search

[LarryK]

Exact point. First time...and the colour of his skin has not going for him imo.. Courts going to set an example....a very big nasty example.

Agreed. Ask Oscar Pistorius how things worked out for him

[Polly]

Definitely going to be the first of its kind in South Africa.

Exact point.  First time...and the colour of his skin has not  going for him imo.. Courts going  to  set an example....a very big nasty example.

[woolhoff]

why skip then? he knew he is going to tronk

We all know the f*&#er is guilty.And most of all, He knows it himself. But what is going to be proved in court is a separate story

Done deal in my opinion

[woolhoff]

I guess time will tell soon what PWC's 100 accountants that have costed SNH R200 Million to date have uncovered.
Definitely going to be the first of its kind in South Africa.Remember, even if they do unpack skeletons,it can still be disputed and MJ can argue for a another separate company to do a separate investigation.This is going to take a min 5 years to settle imo.

[Polly]

Being able to "prove" fraud is a separate issue on its own.To prove it was willfull and deliberate with a clear intent to misrepresent is not going to be easy.

why skip then? he knew he is going to tronk

 

 

Done deal in my opinion

Edited by Polly, 07 September 2018 - 11:43 AM.

[Polly]

Polly I get what you say and agree this doesn’t sound legal. But how come it went unnoticed for so long?

 a fraudster will get away many times but will get caught one day....exactly same here. Nobody else knew this..he was all alone woing these schemes.

[woolhoff]

Being able to "prove" fraud is a separate issue on its own.To prove it was willfull and deliberate with a clear intent to misrepresent is not going to be easy.

[LarryK]

Of cos that is fraud!!!!

simple example again

If you sell goods for cash : entry is debit bank credit sales

Now ifyou do this : debit bank credit your loan account.

What is this? Fraud, theft or loopholes?

Polly I get what you say and agree this doesn’t sound legal. But how come it went unnoticed for so long?

[Polly]

BTW if a whistle blower pimps or my accountant picks it up, would i jump/skip and disappear if it is an accounting loophole?

 

Straight to tronk bro because these are large sums.