Steinhoff International denies wrongdoing in audited accounts row
Just days before the listing of its R71bn African business, Steinhoff International remains under pressure to counter damaging allegations made by a former joint-venture partner. On Monday, Europe’s second-largest furniture retailer was forced to issue a statement denying wrongdoing in relation to its 2016 audited accounts. The statement was prompted by news that the former partner, Andreas Siefert, joint-MD of German retailer XXXLutz, asked a Dutch court to order an investigation into Steinhoff International’s 2016 annual accounts. Siefert’s application is based on his allegation that Steinhoff did not properly account for the joint-venture nature of Conforama, which was acquired in 2011. While Steinhoff International has acknowledged that Siefert was a joint venture partner in the France-based retailer of furniture and household goods, Siefert claims Steinhoff International’s 2016 accounts do not accurately consolidate the minority interest that he held. Steinhoff CEO Markus Joost...
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