The JSE opened slightly lower on Thursday, slipping below 58,000 points, as Steinhoff shares retreated another 30% in early-morning trade.Indications were of long drawn-out investigations into the company by regulatory authorities in Germany, the US and SA.Steinhoff admitted on Wednesday that irregular accounting practices had come to light, resulting in CEO Markus Jooste’s resignation and major shareholder Christo Wiese being appointed interim CEO. In a note to staff, Jooste admitted to having "made big mistakes".The JSE decided on Wednesday not to suspend trading of its shares on the JSE. "There is at this stage no compelling reasons to do so."Analysts and the market remained unsure about the full extent of the problems at the company, now suspected as fraud. The Viceroy research group said in a note that adjustments to Steinhoff’s numbers could be restated downward by "up to 85%".The company had R100bn of debt, and it was impossible to know the real value of their trade payables,...
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