Steinhoff's CEO resigns amid investigations into accounting irregularities - Distressed Debt Report

13 December 2017

Document(s)

Steinhoff International, the South-African based home retailer‘s share price dropped over 80% in the last week with the announcement on 6 December that its CEO, Markus Jooste was resigning, effective immediately. The fast-growing conglomerate announced that new information had come to light which related to accounting irregularities requiring further investigation, and that PriceWaterhouseCoopers (PwC) was appointed to perform an independent investigation. We note that Steinhoff’s accounts have been previously audited by Deloitte. A press release by Steinhoff on 8 December revealed that it had rescheduled its annual lender meeting in London from 11 December to 19 December, though it is unclear whether further information will be available at that meeting.