Monday, 18 December, 2017

Poundland Parent Steinhoff Announces Investigation Into Accounting Irregularities

Poundland Parent Steinhoff Announces Investigation Into Accounting Irregularities Shares in Poundland's owner slashed by more than 66 per cent as CEO quits amid accounting probe
Laurie Berry | 06 December, 2017, 14:26

Shares in the company that owns Poundland, Benson for Beds and Harveys have slumped after the South African business revealed it was launching an investigation into accounting irregularities.

Steinhoff International Holdings NV plunged 57% in early trade on Wednesday after the retail holding company said Chief Executive Markus Jooste had resigned with immediate effect amid an accounting probe.

Late on Tuesday, Steinhoff announced that it had approached professional services multinational PwC to carry out an independent investigation of the irregularities.

Chairman Christo Wiese will take the role of executive chairman on a temporary basis, while Pieter Erasmus - formerly chief executive of Pepkor Group, one of Steinhoff's African subsidiaries - will help Wiese in an advisory capacity.

The furniture retailer postponed its results announcement and a webcast scheduled for Wednesday until further notice.

Steinhoff nearly merged with Shoprite earlier this year which would have formed Africa's largest retailer but the plans were scrapped in February.

Steinhoff's holding company is based in Amsterdam for tax reasons and has its primary listing on the Frankfurt stock exchange.

Bitcoin Price Eyes $12000 as Billion-Dollar Crypto Unicorns Swell to Nineteen
The political system, with a particular eye on central banks, has the opportunity to either extend or crush the Bitcoin trend. The bitcoin funds can then be transferred across borders to criminal associates who can withdraw them in any currency.

Shares in the firm tumbled over 60% in South Africa on Wednesday as investors digested the news.

Steinhoff has delayed the publication of its 2017 financial results indefinitely as it investigates what it terms "accounting irregularities". Shares in Frankfurt were down 58 percent.

The group has been under investigation for suspected accounting irregularities by the state prosecutor in Oldenburg in Germany since 2015.

The company had previously said authorities there were examining whether revenue was booked correctly and taxable profit correctly declared.

Reuters reported last month that Steinhoff did not tell investors about nearly $1 billion in transactions with a related company despite laws that some experts believe require it to do so. "In addition, the Company will determine whether any prior years" financial statements will need to be restated'.

At 1130 GMT, the shares were down 65% to €1.04.

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