PwC investigates accounting irregularities at Steinhoff

PwC investigates accounting irregularities at Steinhoff

PwC investigates accounting irregularities at Steinhoff

Steinhoff doubled down on Africa when it bought discount clothing retailer Pepkor in 2015 for about $5.7 billion at the time.

The company's Supervisory Board, in consultation with the statutory auditors of the Company, has approached PWC to perform an independent investigation on the matter, while Markus Jooste, CEO of Steinhoff, has resigned from the company.

Steinhoff International, the owner of USA -based Mattress Firm, announced an investigation into "accounting irregularities" and the resignation of its CEO.

The firm, which was scheduled to publish its annual report on Wednesday, said it would release the results "when it is in a position to do so".

It warned shareholders it may have to restate past financial statements.

Steinhoff said it appointed Chairman Christo Wiese, one of South Africa's richest men, as executive chairman on an interim basis, and said he would conduct a detailed review of the business.

In its statement the company added: "Shareholders and other investors in Steinhoff are advised to exercise caution when dealing in the securities of the group".

Amazon Prime Video Finally Lands on Apple TV
Therefore the retail giant did not want to disappoint customers by selling a product that doesn't support Amazon's key service. Beyond that, the app will be immediately familiar if you've used it on any other streaming or mobile device recently.

Ex-Yemeni strongman Saleh killed by rebels
It was not immediately possible to confirm the authenticity of the video, which was circulating widely. He remained in the country, however, and continued to wield power from behind the scenes.

Former Billings Mustang named manager of New York Yankees
Aaron Boone is going from former New York Yankees postseason hero to New York Yankees manager. Just like Joe Girardi , Aaron Boone is another former Yankee player to become a manager.

Star's share price fell 29% to R17.55 on Wednesday morning following the announcement of Jooste's departure.

The group holds 6,500 retail outlets and 40 brands worldwide, including Bensons for Beds and Harveys in the UK.

It bought Poundland previous year and has introduced its Pep&Co budget clothing brand into scores of stores.

Jooste, who had been with Steinhoff since 1988 and was CEO of Steinhoff International since 2000, was credited with growing the South African furniture manufacturer and retailer into Europe's second-largest player, behind Ikea, via a string of acquisitions including France's Conforama chain.

In August, the Oldenburg prosecutor also said that it was investigating four current and former Steinhoff executives on suspicion of making "false representations in the balance sheet". Steinhoff has said that was a tax case relating to whether revenues were booked correctly, and taxable profit correctly declared.

It is not now clear what "accounting irregularities" the company is referring to in its statement.

Related news