In The News South Africa

Steinhoff adds liquidity after CEO quits over accounting scandal, triggering sell-off

JOHANNESBURG, December 7 – Retail holding group Steinhoff said on Thursday it had received expressions of interest in non-core assets which would release a minimum of €1billion of liquidity into the company. In a statement released through the JSE exchange’s information service on Thursday, Steinhoff also said there was no evidence to suggest CFO Ben La Grange […]

Business In The News South Africa

Steinhoff accounting scandal sinks shares, CEO exits

JOHANNESBURG, December 6 – Steinhoff International’s shares crashed on Wednesday after it revealed accounting irregularities and its CEO quit, shocking investors who had backed the rapid reinvention of a South African furniture chain into an international retail empire.     The company said late on Tuesday that “new information has come to light today which […]