Business In The News South Africa

Steinhoff says CEO resigns, seeks independent probe into accounting irregularities

JOHANNESBURG, December 5 – Retail holding company Steinhoff said on Wednesday its CEO had resigned and that it had asked for an investigation into accounting irregularities.
“New information has come to light today which relates to accounting irregularities requiring further investigation. The Supervisory Board, in consultation with the statutory auditors of the Company, has approached PWC to perform an independent investigation,” the company said.
It said the board had accepted CEO Markus Jooste’s resignation with immediate effect.
Steinhoff urged shareholders and other investors to exercise caution when dealing in the securities of the group and said it would publish audited 2017 consolidated financial statements when in a position to do so.
“In addition, the company will determine whether any prior years’ financial statements will need to be restated,” it added.
The supervisory board had appointed chairman Christo Wiese as executive chairman on an interim basis. Pieter Erasmus would join him in an advisory capacity to manage the group’s various retail interests around the world.
Steinhoff, which has its origins in Germany but is based in South Africa, is a global furniture and household goods retailer with more than 40 brands in over 30 countries .

African News Agency (ANA)

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