Steinhoff faces fine from Frankfurt exchange for failing to submit figures
The German exchange’s sanctions committee can impose a fine of as much as €1m if a listed entity violates licence obligations
Steinhoff may receive a fine from the Frankfurt securities exchange after the scandal-hit retailer said it would miss a Wednesday deadline to submit audited 2017 financial results. The exchange’s sanctions committee, an independent body, can impose a fine of as much as €1m if a listed entity violates licence obligations, a spokesperson for operator Deutsche Boerse said in an e-mailed response to questions, while declining to comment on specific companies. One of those requirements is to report earnings within a set time frame. Steinhoff failed to publish 2017 results as scheduled in December after Deloitte did not sign off on the accounts. The owner of Conforama in France and Mattress Firm in the US went on to say it had uncovered financial irregularities, leading CEO Markus Jooste to resign and triggering a more than 80% crash in the share price. PwC has been hired by the company to investigate the problem. While the probe was continuing, Steinhoff would not publish the accounts by...
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