It is almost exactly a year ago that Steinhoff imploded spectacularly. While the market was still reeling, a previously unheard of research company called Viceroy emerged with a perfectly timed report that documented many of Steinhoff’s accounting shenanigans.
In January Viceroy followed up with a report that accused banking group Capitec of predatory lending practices and misstating its defaults. After Steinhoff, investors were easily spooked and the stock fell from R1 069.30 to R800.60 instantly (it has since recovered). Read more