Steinhoff in trouble

Die Vryburger

Steinhoff in trouble
Steinhoff in trouble - Image - Die vryburger

German wholesale giant Steinhoff, based in South Africa, shares have fallen by more than 60% after the group announced that two of their senior executives resigned due to alleged accounting irregularities.

The company planned to announce its statements on Wednesday but suspended it for an indefinite period pending an investigation.

After Markus Jooste resigned as Steinhoff’s head internationally, the group’s shares on the Frankfurt Stock Exchange fell by 59% while the JSE shares dropped by 56%. Shortly after that, Ben la Grange, CEO of Steinhoff Africa Retail, resigned.

A German law firm, TILP, said investors could apply for compensation for damages because Steinhoff has misrepresented them.

Read the original article in Afrikaans on Die Vryburger

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