White Banks comes forward to save its Peer; Steinhoff gets Credit Extension

Steinhoff International Holdings NV has sent shock waves across the country by announcing accounting irregularities and the departure of its chief executive officer Marcus Jooste earlier this week. While this R300Billion scandal can be regarded as the biggest in the history of Africa and further stamps on the illicit activities of WMC to loot this country, reports are now coming that the firm is now been able to secure support from key lenders in terms of Credit Extension, to repay more than 1 billion Euros ($1.2 billion) owed on a rotating credit facility.

WMC White Banks - Steinhoff

It’s worth mentioning here that revelations by Steinhoff regarding the irregularities have pushed a fall for about 75 percent  in regards to the shares of the company, which also got its stake in a mattress firm in the U.S., pound land in the U.K. and the Pep clothing chain in Africa. As per the report published on the website Bloomberg.com, at least three of the embattled retailer’s biggest lenders have indicated to the company that they would support rolling over the debt, which is due in about three weeks, said the people, who asked not to be identified because the matter is private. The repayment extension, which needs support from a majority of lenders, will be discussed at a Dec. 19 meeting, the people said. Most banks providing the facility, which matures in 2021, are yet to make a decision about the rollover request, the people said.

While this credit extension can be seen as a matter of support by the white banks to save their own repute from further disgrace in regards to their own peer, It must be noted that all the white media house are keeping mum on this matter, along with our very own head of government business, Deputy president Cyril Ramaphosa. Ramaphosa, who usually goes gaga in his public meetings for his fight against corruption and illicit financial acts, has decided to stay silent in this case of Big time Financial irregularities.. The scandal has caused some real serious damage to the South African economy and the investigative authorities need to take some serious actions to stop acts like these to dent the country’s economy in future.

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