Wiese quashes 'rumour-mongers'
Steinhoff's statement should assure investors all is fine, says top shareholder
Christo Wiese, Steinhoff International Holding's largest shareholder and chairman of its supervisory board, has hit back at critics after the group's share price collapsed by 17% this week following news of a probe into accounting fraud. Steinhoff was criticised on Friday for its response to the market after a report that its CEO, Markus Jooste, and his management team were subjects of a probe into accounting fraud that had flagged concerns about inflated revenue in 2015. But Wiese said the statement the group issued this week made it clear that the report on the investigation was based on a "misconception" and "rumour mongering", and talk that its reputation was at risk was "drivel". On Friday, the group's shares partially recovered on the JSE, rising 2.87% to R61.30. No insights provided German magazine Manager Magazin reported this week that since 2015 prosecutors in the northern German city of Oldenburg had been looking into whether the retail company's revenue had been inflated...
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