Steinhoff may need to restate results before 2015 too
Steinhoff International started the new year with a 7.5% jump to R5 — despite issuing a statement saying it still does not know when it will release its 2017 results, and that its results going back more than two years will have to be restated.Steinhoff, which warned shareholders on December 14 that its 2016 results would have to be restated, said on Tuesday morning that its 2015 results also "can no longer be relied upon"."Furthermore, whilst the internal review and investigation into the accounting irregularities have not yet concluded, the restatement of the financial statements of Steinhoff International for years prior to 2015 is likely to be required," Steinhoff said.Steinhoff missed its deadline on Friday — when the JSE closed early for the new year’s long weekend — to publish its results for the year to end-September within the bourse’s three-month deadline."The group continues to work with its external auditors to seek to conclude the audit of the company’s 2017 consolidate...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.