‘Pattern of transactions’ led to overstating profit and asset values, Steinhoff says
Steinhoff International says a probe into its accounts has found that a "pattern of transactions" over several years led to an overstatement in both profit and asset values. The owner of Conforama in France and Pep clothing shops throughout Africa is updating shareholders on its rebuilding effort, after reporting a hole in its accounts in December. The stock has plunged almost 95% since then, leading to urgent talks with creditors and a fire sale of assets. An investigation by auditors at PwC is well under way and should be concluded by the end of 2018, Steinhoff said in a presentation on its website Friday. More than 320,000 documents have been studied and 4.4-million records gathered in an attempt to find out what happened and who is to blame, it said. "We want to uncover the truth, show the world was has happened, prosecute any wrong-doing and reinstate trust in the company," chairperson Heather Sonn said at the retailer’s annual general meeting in Amsterdam, where the company is...
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