Steinhoff Investment delays release of financial results, again
The subsidiary of the embattled retailer says ‘a substantial amount of work’ remains in order to prepare and audit the statements
Steinhoff Investment Holdings has again delayed its annual results for the 2017 and 2018 financial year. The company, a subsidiary of embattled retailer Steinhoff International, said despite its “best efforts, there remains a substantial amount of work in order to prepare, and then to audit, the Company’s annual financial statements. These tasks remain complex and uncertain.”
The group said “unfortunately, it is clear that the timeline for publication of the annual financial statements for Steinhoff Investments disclosed in the June Announcement cannot be met.”
It said Steinhoff International Holdings’s audited 2017 and 2018 annual financial statements that have already been published are not affected by the delays.
Steinhoff, whose shares have plunged more than 90% since it disclosed “accounting irregularities” in December 2017, uncovered a €6.5bn (about R110bn) hole in its accounts in 2017, causing a share collapse and multiple lawsuits from former business partners and aggrieved shareholders, includingformer chair Christo Wiese.
Steinhoff said it will update the market in due course regarding revised completion and publication dates.