Markets

PWC starts investigations into Steinhoff accounting irregularities

PWC starts investigations into Steinhoff accounting irregularities

Markus Jooste resigned after new information came to light "regarding irregularities requiring further investigation".

Its subsidiary Steinhoff Africa Retail Limited would also commit to refinancing its long-term liabilities due to the company, adding further liquidity of about €2 billion.

Steinhoff International has lost over 80% of its market capitalisation since the announcement of the PwC probe into unspecified accounting irregularities, wiping tens of billions of rands off the JSE.

"There's no way back", David Shapiro, deputy chairman of Sasfin Wealth in Johannesburg, said in emailed comments on Friday. "I reckon they should file for Chapter 11 or business rescue and try and salvage what they can".




Shares in the global retailer Steinhoff, which has its roots in Germany and is headquartered in South Africa, are still falling. The investigation has been a blow to the company and cost its main shareholder and one of the richest South Africans, Christo Wiese, his billionaire status. The PIC owns a 10 percent stake in Steinhoff, which is now worth $1.1 billion less than two days ago.

"The minister is mindful that many retirement and savings funds may be adversely affected by the loss in the value of Steinhoff shares; therefore, members of retirement funds should be reassured that current regulations limit the extent to which any one fund may be invested in any one company".

"Should any instances of potential market abuse be reported or identified, the JSE will, in accordance with its regulatory duties and responsibilities, refer these to the Directorate of Market Abuse at the Financial Services Board", it said in a statement. "There are lots of decent businesses that others will want to buy and it's likely they'll fetch decent prices.so staff will mostly be fine, except in head office".


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