Steinhoff shares jump on PwC report
The report shows that about €6.5bn worth of fictitious transactions between 2009 and 2017 inflated the group’s profits and asset value
18 March 2019 - 10:25
Steinhoff International’s shares rose as much as 13.6% to R2.09 in early trade on Monday after the overview of PwC’s forensic investigation into the retailer’s past results was released. The report, released late on Friday, revealed that an estimated €6.5bn worth of fictitious transactions between 2009 and 2017 had inflated the group’s profits and asset value. But the amount was significantly below the €12.4bn that had been tagged by management when it released the March 2018 interim results in June 2018.
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