Business In The News South Africa

Steinhoff says it still requires near-term liquidity for some businesses

JOHANNESBURG, January 5 – Retailer group Steinhoff International Holdings N.V. said on Thursday significant near-term liquidity was still required in some of its business units although it had has achieved some degree of stabilisation after revelations of accounting irregularities triggered a run on its shares last month.


Steinhoff said its CFO Ben la Grange had stepped down from the post, and as a member of the management board, to focus on the preservation and procurement of liquidity in the group and finalising its financial statements.

Philip Dieperink would replace la Grange as acting CFO pending formal appointment to the board.

A process was also underway to contract an external independent debt restructuring expert, Steinhoff added.

The company is trying to pick itself up after the accounting scandal which forced CEO Markus Jooste to resign last month and which slashed billions of rand off the value of its listed shares.
– African News Agency (ANA)

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