Economy

Steinhoff shares plunge 60% as Jooste quits over alleged accounting irregularities

Steinhoff shares plunge 60% as Jooste quits over alleged accounting irregularities

Steinhoff SNHJ.J SNHG.DE said chief executive Markus Jooste, who oversaw its expansion to one of the world's largest household goods retailers over almost 20 years, had resigned and PwC would undertake an "independent investigation".

Steinhoff doubled down on Africa when it bought discount clothing retailer Pepkor in 2015 for about $5.7 billion at the time.

"The supervisory board, in consultation with the statutory auditors of the company, has approached PwC to perform an independent investigation".

Steinhoff International shares plummeted on Wednesday as its chief executive officer Markus Jooste resigned with immediate effect amid "accounting irregularities", while the release of the company's 2017 numbers has been postponed. The company had been expected to release its results for the year ended September 30 on Wednesday, but said it would now publish results when it was in a position to do so.

Steinhoff said Wiese would "embark on a detailed review of all aspects of the company's business with a view to maximising shareholder value", but its South African shares had slumped 61 percent to close at 15.87 rand, after hitting an eight-year low of 13.50 rand in earlier trading.

Steinhoff's biggest shareholder and chairman, the billionaire Christo Wiese, has taken over as executive chairman temporarily.

More news: Russian Parliament To Bar US Media Named Foreign Agents
More news: Destiny 2 is now Xbox One X Enhanced with 4K and HDR
More news: Billy Bush Speaks Out On 'Access Hollywood' In Interview With Stephen Colbert

The investigation could result in prior years' financial statements needing to be adjusted.

Steinhoff also said that it was advising its shareholders and other investors to exercise caution when dealing in the securities of the company.

Steinhoff said it will update the market as the investigation proceeds and added that it will publish its audited 2017 consolidated financial statements "when it is in a position to do so".

The group's brands include Bensons for Beds and Harveys in the UK, Conforama in Europe, Pep and Ackermans in South Africa and Snooze in Australia.

While the nature of its accounting investigation was not disclosed, it had already been known that it was facing a tax probe in Germany.

It is not clear if these are the accounting irregularities Steinhoff is referring to in its latest statement.


  • Words make friends: Young rapper meets elderly gaming partner for first time

    Words make friends: Young rapper meets elderly gaming partner for first time

    Their friendship began last summer when they squared off on Words With Friends , an online game similar to Scrabble. On Saturday, Spencer finally met his opponent in person when he flew to her home state of Florida to pay a visit.
    Return to PDP, Atiku tells defected ex-leaders

    Return to PDP, Atiku tells defected ex-leaders

    He urged him to continue to contribute in reinventing and remodeling of the party so that it could reclaim Aso Rock in 2019.
    Warriors' Stephen Curry seriously hurts ankle in win against Pelicans

    Warriors' Stephen Curry seriously hurts ankle in win against Pelicans

    But Curry left Smoothie King Center in a walking boot and on crutches, and the angle to which his ankle was bent looked severe. Golden State next plays Wednesday night for its only trip of the season to Curry's hometown of Charlotte.
  • Wall Street Analysts See 25.7% for Kinder Morgan, Inc. (NYSE:KMI)

    Wall Street Analysts See 25.7% for Kinder Morgan, Inc. (NYSE:KMI)

    Citigroup maintained the shares of ALL in report on Thursday, July 13 with "Buy" rating . (NYSE: KMI ) rating on Tuesday, July 19. Praesidium Investment Management Company Llc holds 2.34% of its portfolio in Advanced Energy Industries, Inc. for 456,917 shares.
    When is the Champions League last-16 draw?

    When is the Champions League last-16 draw?

    CSKA Moscow and Basel both have 9 points at this moment in time, and the final fixtures on Tuesday evening are tasty. Both teams will face off at Old Trafford on Sunday and a win for United will see them cut the lead to five points.
    Facebook launches messaging app for children as young as 6

    Facebook launches messaging app for children as young as 6

    One user gave the product one star and commented: "Way too easy for children to sign up without parents' knowledge". Parents fully control the contact list and kids can't connect with contacts that their parent does not approve.
  • Rep: John Mayer hospitalized for emergency appendectomy

    Rep: John Mayer hospitalized for emergency appendectomy

    The band's official Twitter account broke the news of Mayer's health issue early Tuesday. John Mayer's been rushed to a New Orleans hospital for an emergency appendectomy .
    Bank Amer Corp (BAC) Holding Maintained by Westwood Holdings Group Inc

    Bank Amer Corp (BAC) Holding Maintained by Westwood Holdings Group Inc

    American Assets Investment Management Llc bought 121,670 shares as the company's stock declined 6.00% while stock markets rallied. National Bank & Trust Of New York Mellon Corp owns 0.64% invested in Bank of America Corporation (NYSE: BAC ) for 93.15M shares.
    Lamborghini Urus 2018 Finally Available for Purchase After Ten Years

    Lamborghini Urus 2018 Finally Available for Purchase After Ten Years

    Roughly 5% of the company's global buyers are female, according to Lamborghini, and a lot of them live in the U.S. and Europe. The standard Carbon Ceramic Brakes are no less impressive: the Urus decelerates from 100-0 km/h in 33.7 metres.
  • Marathon Oil Corporation (MRO): Scrutinizing the Chart

    Finally, Societe Generale raised Marathon Oil from a "hold" rating to a "buy" rating in a research note on Thursday, November 2nd. So, most importantly, where are shares headed from here? POTTF's SI was 200 shares in December as released by FINRA. (NASDAQ:FB).
    Supreme Court Considers Legality Of Sports Betting

    Supreme Court Considers Legality Of Sports Betting

    The case pits New Jersey and other states against all four major professional sports leagues and the federal government. Federal judges agreed with the NCAA that the state law could not stand because it violated the federal law.
    Samsung starts cranking out 512GB eUFS storage

    Samsung starts cranking out 512GB eUFS storage

    The new 512GB UFS increases the density of the 256GB eUFS storage from 48 layers to 64 layers and also includes a controller chip. The new eUFS storage is also said to read 42,000 IOPS (input/output per second) and write 40,000 IOPS for random operation.