FORENSIC INQUIRY
PwC report lifts Steinhoff stock in Frankfurt
The Steinhoff share price recorded its biggest increase in months on the Frankfurt Stock Exchange on Friday, closing 6.5% higher after the long-awaited release of the overview of PwC’s forensic investigation, which appeared to lift sentiment among traders. On the JSE the share closed 5.64% weaker ahead of the release of the overview at 5.30pm on Friday. The report revealed that an estimated €6.5bn worth of fictitious transactions between 2009 and 2017 had inflated the group’s profits and asset value. One analyst told Business Day the report revealed very little new detail other than this fact. The amount is significantly below the €12.4bn that had been tagged by management when it released the March 2018 interim results in June 2018. PODCAST: Hear from the Steinhoff whistleblowers Subscribe: iono.fm | Pocket Cast | Player.fm “While it is just an initial figure, the €6.5bn seems to have encouraged some optimism amongst traders,” said the analyst, who added the traders may have overlo...
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