Andre Visser. Picture: ROBERT TSHABALALA
Andre Visser. Picture: ROBERT TSHABALALA

The JSE is in talks with Steinhoff International to determine whether the furniture retailer breached any of its listing rules.

The bourse will also be in contact with the Frankfurt Stock Exchange, where Steinhoff has a primary listing, to bring to its attention various media articles involving the retailer, GM of issuer regulation at the JSE Andre Visser said in an e-mailed response on Thursday.

It also wanted to establish whether there were any breaches of the German bourse’s rules and what the market was doing about it, he said.

Steinhoff, which has lost more than 90% of its value since being engulfed in an accounting scandal in early December, said on Tuesday that payments made to former chairperson Christo Wiese in October and November did not follow correct disclosure or governance procedures.

The billionaire, Steinhoff’s largest shareholder, denied he did anything wrong when receiving the payments totaling €325m.

The JSE’s talks with Steinhoff were earlier reported by Business Insider.

Bloomberg

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