How can the management be allowed to open a case against the shareholders using the shareholders money and still be paid their huge salaries for their time to do such thing.
After that all their proposed resolutions in the last meeting were voted down by the shareholder, the management should have resigned, but because they want to stay collecting their huge salaries the only way for the shareholders to get them out is to dismiss them.
The management previously gave away half of Mattress Firm on a silver plate to creditors in exchange of a relatively manageable loan of 300m$ that Steinhoff must still pay back with a big interest.
Since December 2017 they have been shamelessly posting lies and baseless promises that mislead and inflected huge cost on the shareholders.
Huge Steinhoff shareholders money were used to uncover the pre Dec2017 fraud and issue a report about it, but they still refuse to release that report and still haven't started suing to get money back from the old fraudsters, and not even a word about that, which makes it look like that they're waiting till they get the company out of the shareholders control before they do such a step that can result in considerable money for the shareholders, otherwise why was all that huge cost paid to do the investigation if no litigation and claim backs is to start.
Since the new management took over in 2018 the audited Total Equity of Steinhoff went down from positive +0.641 billion euros down to minus -3.64 billion euros, that's 4.281 billion euros loss, despite all the operational gains that were made, add this and the money wasting is even bigger.
And then the selling of many of Steinhoff's properties for low prices instead of the turn around that they claimed they wanted to do, so if they didn't turn around a subsidiary how come they claim to be trying to turn around a whole group, obviously the plan was just to make quick and easy money for themselves and to keep sweet talking everyone else.
And then their fraudulent claim of offering 20% to the shareholders (while giving the creditors 100% of the voting rights, and without lowering any loan or its interest) and the management still mislead the shareholders telling them that it's the best they can get, and not telling the shareholder that 20% of zero equals zero now and forever and even untradable.
Edited by Tom, 05 April 2023 - 12:47 PM.
DEOL...??? A message from the German Steinhoff Shareholders to South Africa and the world!
Summary...
History Channel - Interesting reading...
