A Steinhoff International Holdings logo on display outside the company's offices in Stellenbosch. (File picture: Business Report)

Business In The News International South Africa

Angry shareholders demands answers about Steinhoff fraud scandal

Solly Makganoto

Johannesburg-  Scandal-hit Steinhoff was on Friday grilled by thousands of angry shareholders during its Annual General Meeting (AGM) in Cape Town.

The AGM took place in Amsterdam in the Netherlands, but was live-streamed to the Cape Town International Convention Centre (CTICC) by the embattled global retailer.

Shareholders, many of whom lost large sums since massive accounting irregularities sent Steinhoff’s share price tumbling in late 2017, demanded answers about the ongoing investigations and the firm’s future.

Steinhoff’s board announced “accounting irregularities requiring further investigation” on December 5, and that its chief executive Markus Jooste was stepping down “with immediate effect.”

The company reportedly lost more than 8 billion dollars within 48 hours of the announcement.

In its interim results for the fiscal quarter from October to December, Steinhoff reported a turnover of 4.86 billion euros (6 billion dollars), about 5 per cent less than in the same quarter in 2016.

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