Former Steinhoff directors face trial over $7.2 billion accounting scandal
Two ex-Steinhoff International directors who worked at the retailer’s European units, appeared in a German court on Wednesday.
Two ex-Steinhoff International directors who worked at the retailer’s European units, appeared in a German court on Wednesday.
Steinhoff is examining how much lost cash from inflated asset deals is recoverable and identifying agreements made outside market rates as the embattled retailer sifts through the wreckage of an accounting scandal.
Steinhoff Africa Retail is seeking to raise as much as R18.4bn ($1.4bn) in a sale of stock this month, the largest by a South African company in almost two years.
Steinhoff’s Johannesburg-listed shares declined the most in nine years after Manager-Magazin reported that Chief Executive Officer Markus Jooste is among employees being investigated by German prosecutors in a 2015 case tied to possible accounting fraud.
Steinhoff won’t raise its offer for French electronics retailer Darty, handing victory to Groupe Fnac SA after a protracted auction.