Steinhoff plunges on results delay
Audits will be done once PwC has completed its report on a forensic investigation into serious accounting irregularities at the retailer
Steinhoff shares slumped as much as 20% in early trading on Thursday after the embattled retailer said it was again postponing the release of its year-end financial results. News of the delay came almost a year after it first postponed the release of its 2017 results. That led to its share price collapsing from R56 to R6 in four days, when the scale of SA’s largest corporate fraud started to emerge.
Its then CEO Markus Jooste resigned under a cloud a few days after its share price plummeted. The group said PwC was close to completing its report on a forensic investigation into serious accounting irregularities at the retailer, and once it handed it over to the company, it would do its audits for the 2017 and 2018 financial years. Steinhoff said the forensic investigation has been “significantly more complex than initially anticipated, with multiple work streams operating across a number of jurisdictions”. Craig Butters, a portfolio manager at Prudential Investment Manager, sa...
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