Moonstone Update: Steinhoff created illusory profits - NPA

Watch Moonstone Update for an overview of some of the stories covered in the past week’s Investment Indicators and Moonstone Monitor.
Episode 25 for 2024: 1 TO 4 JULY 2024
- How the Steinhoff Group propped up its profits
- FSCA to act to recover R495m in fines owed by Jooste
- Changes to aspects of FAIS Ombud’s approach to handling complaints
- Exiting the grey list before June 2025 is unlikely, says Treasury
- Medihelp’s solvency ratio drops below threshold amid high claims and rising costs
- Life insurers with the most and least complaints to the ombud in 2023
- Complaints to the life insurance ombud return to pre-Covid levels

[@JaapPeer]

Hopefully good news. Steinhoff (now Ibexholdings) was-is based in the Netherlands. There is a new cabinet under the leadership of Dick Schoof, who comes from the AIVD. Also a new Minister of Justice, David van Weel. The previous cabinet failed to do anything about the fraud and deception of shareholders between 2018 and 2023 by the Steinhoff boards: Louis du Preez, Theodore de Klerk, Moira Moses, Peter Wakkie, David Pauker, Alexandra Watson, Hugo Nelson and Paul Copley. The Amsterdam Enterprise Chamber also refused to investigate the backgrounds of these people and furthermore protected Peter Wakkie (the current boss of Centric), who is/was Mikhail Friedman's right-hand man and who had a key role in a massive money laundering scandal. I think this new government will finally investigate the Dutch Steinhoff scandal and bring the perpetrators to justice. Stay tuned.