FORENSIC INVESTIGATION
Steinhoff reassures lenders its forensic probe will be ready by end-December
The former high-flying global furniture and clothing retailer Steinhoff has assured lenders the forensic investigation into accounting irregularities that prompted a 95% collapse in its share price is on track for finalisation by the end of 2018. During an update presentation on Thursday Steinhoff told lenders, who have agreed to a three-year lock-up of the group’s €9.4bn debt, that the group aims to release full-year audited results for 2017 by December 31 2018 and results for 2018 by January 31 2019. Initial findings of the forensic investigation led to the write-off of $12bn, equivalent to more than 10%, of the group’s assets, earlier in 2018. On Thursday Steinhoff management informed lenders that plans for a much-needed improvement in the group’s liquidity have been hit by a dispute over the proposed €270.68m sale of Steinhoff’s remaining interest in German-based furniture retailer Poco. German investigation settled Steinhoff said the dispute with Andreas Seifert, its joint vent...
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