Published: Wed, December 06, 2017
Money | By Armando Alvarado

Steinhoff tanks 57% as CEO leaves amid accounting probe

Steinhoff tanks 57% as CEO leaves amid accounting probe

It added that Markus Jooste - its CEO of nearly 20 years - had resigned with immediate effect.

Criminal investigators were now reviewing documents and data seized during raids, the prosecutors' office in the German city of Oldenburg said in a statement on Wednesday.

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.

Steinhoff bought the Willenhall-based chain of discount stores for £610 million a year ago.

Steinhoff has asked accountancy giant PwC to conduct an independent investigation.

Steinhoff's share price fell by more than 50% by midday on Wednesday, dropping to about R19 from its Tuesday close of R45.65.

Cesc Fabregas vows that Chelsea will jump on any Manchester City slip-up
I wouldn't say better than ever, but in the last few years I feel the fitness". " Chelsea are a really good team, " Merino said. The Spain worldwide has already made 12 league starts this season - he made 13 in 2016-17 - and Conte hailed the 30-year-old.

The company said it will be determining whether any of the prior years' financial statements need to be restated.

Over near two decades Mr Jooste has overseen Steinhoff's expansion from a South African furniture manufacturer to one of the world's biggest household goods retailers.

"The supervisory board of Steinhoff wishes to advise shareholders that new information has come to light today which relates to accounting irregularities requiring further investigation", the group said in a statement.

Steinhoff's supervisory board has appointed its chairman, Christo Wiese, as executive chairman on an interim basis.

The Steinhoff holding company is based in Amsterdam for tax reasons and has its primary listing on the Frankfurt stock exchange. The group has been under investigation for suspected accounting irregularities by the state prosecutor in Oldenburg in Germany since the same year.

Like this: