Steinhoff says probes accounting irregularities, CEO resigns

07 Декабря, 2017, 02:20 | Author: Phil Peters
  • A Steinhoff International Holdings NV logo sits on display outside the company's offices in Stellenbosch South Africa on Wednesday Aug. 17 2016. Acquisitions including Pepkor Holdings Pty Ltd. and French furniture chain Conforama France SA have

Supervisory board Chairman Christo Wiese will step in as executive chairman on an interim basis.

Shares in Steinhoff, which is listed in the Netherlands, plummeted nearly 60 per cent in early trading. That deal alone has cost the chairperson R87.7m ($6.4m).

The dramatic sell-off was triggered by the announcement that chief executive Markus Jooste had resigned and "accounting irregularities requiring further investigation" had been uncovered.

Former manufacturing arm of Steinhoff Industrial, KAP's share price fell 14% to R7.45.

In October, Steinhoff bought back 78 million shares, a deal handled by Johannesburg-based PSG Capital.

Читайте также: Regal Entertainment Group (RGC) Shares Surge on Cineworld Deal

The chief executive's resignation will take effect immediately showing how serious it is.

Wiese is South Africa's fourth-richest person with a net worth of $4.3 billion, according to the Bloomberg Billionaires Index.

Jooste, who had been with Steinhoff since 1988 and was CEO of Steinhoff International since 2000, was credited with growing the South African furniture manufacturer and retailer into Europe's second-largest player, behind Ikea, via a string of acquisitions including France's Conforama chain.

It is being reported Steinhoff did not tell investors about transactions amounting to almost $1 billion (R13,5-billion). The company has transformed itself in the past four years from a mostly African-focused retailer to an acquisitive powerhouse that now owns Mattress Firm in the United States and Poundland in the UK.

The company had previously said authorities there were examining whether revenue was booked correctly and taxable profit correctly declared. That probe dates back to 2015, when German authorities raided the European headquarters in that country. Jooste had been due to release the unaudited 2017 figures later today. According to the news agency Reuters, investors are now concerned that Wiese may be forced to sell shares he bought previous year with borrowed money, which would depress Steinhoff's stock further. The notes were issued in July and have a Baa3 investment-grade rating from Moody's Investors Service.

При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
«» 2007 - 2017 Copyright.
Автоматизированное извлечение информации сайта запрещено.

Код для вставки в блог

Recommended:

  • The Snapdragon 845 is Qualcomm's next flagship processor

    The Snapdragon 845 is Qualcomm's next flagship processor

    The slight caveat here is that Qualcomm has announced the Snapdragon 845 at the conference so it's already out-of-date in a way. There are plenty of Microsoft Surface rivals - or clones if you like - out there and the HP Envy x2 is now another one.
    Cougars Return to Holiday Bowl to Face Michigan State

    Cougars Return to Holiday Bowl to Face Michigan State

    Michigan's win in that series came during the 3-9 season Harbaugh referenced in 2016. "Good for (the Big Ten ) to have him back". Dantonio's players took to twitter to voice their displeasure about being passed over. "I think that's what we have".
    LaVar Ball reportedly pulls son LiAngelo Ball from UCLA

    LaVar Ball reportedly pulls son LiAngelo Ball from UCLA

    He has been openly critical of Lakers players as well as Lakers head coach Luke Walton and his staff, calling them "soft".
  • Rep. Conyers announces he's retiring, endorses son to fill seat

    Rep. Conyers announces he's retiring, endorses son to fill seat

    Conyers has already stepped down from his leadership position as ranking member on the House Judiciary Committee late last month. She said he asked her to read his statement announcing his decision and that he's notified House Speaker Paul Ryan, Rep.
    Known for Zuckerberg's rivalry twins become 1st bitcoin billionaires

    Known for Zuckerberg's rivalry twins become 1st bitcoin billionaires

    When it hit $11,000 this weekend, such a stake... "Still, the twins" early comments about bitcoin appear to have been prescient. And just last week it returned them 10,000%! The digital currency retraced some of its gains Sunday after hitting the peak.
    UGA player arrested after SEC Championship game

    UGA player arrested after SEC Championship game

    The previous two were related to marijuana possession, the second of which caused him to be suspended four games this year . Patrick started and helped Georgia win Saturday's SEC championship game against Auburn in Atlanta.
  • South Korea creates 'decapitation' unit targeting North's leadership

    South Korea creates 'decapitation' unit targeting North's leadership

    A minimum of nine votes are needed to win such a vote and China, Russia, US, Britain and France can not wield their vetoes. Amid growing tensions, Washington's National Security Advisor H.R.
    Penn State returns to Fiesta Bowl to play Washington

    Penn State returns to Fiesta Bowl to play Washington

    Penn State has never lost in six previous trips to the Fiesta Bowl , though its last appearance was in 1997. Most expected the Lions and Huskies would play in the Cotton Bowl.
    Southampton player defends Manchester City's Guardiola over pep talk

    Southampton player defends Manchester City's Guardiola over pep talk

    Manchester City manager Pep Guardiola talks to Southampton's Nathan Redmond , who looks dejected, at the end of the match. All the managers want to help their players because if they play bad we'll be sacked.
  • Inside the 30000-Square-Foot Starbucks Reserve Roastery in Shanghai

    Inside the 30000-Square-Foot Starbucks Reserve Roastery in Shanghai

    Starbucks opened its first Reserve Roastery in its home city Seattle in 2014. Take a look at the new Reserve Roastery in this gallery. That's up from 5.5 percent five years earlier.
    Mueller's Trump Finances Subpoena Was Never Sent, Here's Why

    Mueller's Trump Finances Subpoena Was Never Sent, Here's Why

    The spending was summarized in a report released Tuesday , the first of what Mueller's office said will be twice-a-year updates. Mueller filed charges against Trump's former campaign manager Paul Manafort and his business partner Rick Gates on October 30.
    Dazzling supermoon rises above Lancashire

    Dazzling supermoon rises above Lancashire

    You obviously can't tell from just watching it, but the moon orbits the Earth in a slightly oval-shaped path. Those supermoons tend to occur when the moon is at its closest, often two or three months in a row.


Popular

Here's why Kim Kardashian's Instagram comments have been flooded with rat emojis
Remember: Swift embraced the snake emoji in the buildup to her new record after being indirectly called one by Kardashian-West. Kardashian posted her photo from the "Famous" exhibit on the same day British Vogue unveiled its new cover featuring Swift.

Global airlines' industry net to hit $38.4 bn in 2018: IATA
A strong upcycle in the cargo markets will also support the expected profit improvement next year, it added. And the IATA said growth is expected to continue in 2018 by almost $1 billion to $16.4 billion.

Apple Pay Cash Is Now Available In The US
If the charging level is low, then you need to connect to AC power until the completion of the installation process. When adding cash, there's a minimum $10 requirement for every transaction and a maximum amount of $3,000.

Anthony Rapp Is 'Gratified' by Response from Kevin Spacey Allegations
At the end of the fifth season, in a case of art echoing life, Claire became president after Frank resigned in disgrace. House of Cards is officially returning for its final season without disgraced star Kevin Spacey .

Amazon launches in Australia, offers one-day metro delivery
He said Amazon's key strength in the USA is the fact its strategy is driven by data, not gut feel, which is a key source of the marketplace.

Facebook unveils Messenger app for kids
Children can block and report anything that makes them feel uncomfortable, which will immediately notify parents. Messenger Kids is full of engaging and interactive features for kids to connect with the people they love.

Tiger Woods seemingly healthy again, but too early to predict future glory
World No. 1 Dustin Johnson finished in a tie for 14th at 288 after a final-round 72. Click on the video above to see Fowler's seven straight birdies! .

Ali defeats Cotto, wins WBO junior middleweight crown
The Garden had a familiar ring for Cotto. "I've been fighting since I was eight years old, and I've been in big arenas". Cotto continued to apply pressure in the seventh, but said that "something happened" to his left biceps in the round.

Schulz ready for tense talks with Merkel
Contradicting a report by Bild newspaper, Schulz said the party leaders had not agreed to start talks on a new "grand coalition". He had called the chancellor to complain about "inacceptable" leaks to the press, the Social Democrat leader said.

Manchester United beat Arsenal 3-1 to keep heat on City
Paul Pogba was spotted hugging Mesut Ozil in the Emirates tunnel in the moments leading up to Manchester United's 3-1 victory over Arsenal.

Tendencies