Steinhoff 'irregularities' will end up as a criminal investigation - expert

Steinhoff International Holdings has continued to make headlines both in South Africa and abroad as the company continues to lose a significant amount of value on the JSE this week, after the retailer revealed “accounting irregularities” and its chief executive quit.

Steinhoff International lost more than 63% of its stock value on the JSE on Wednesday, losing billions of rands in assets.

READ: Why Steinhoff (formerly SA’s 5th biggest company) lost 62% of its value in a day

ALSO READ: German prosecutors probing Steinhoff CEO Markus Jooste (for accounting fraud)

The holding company which owns Mattress Firm in the US and Poundland in Britain parted ways with its veteran chief executive Markus Jooste.

German public prosecutors say a criminal team will be examining documents seized in its investigation into Steinhoff.

Ray White spoke to market commentator at Ashburton Investments, Wayne McCurrie to find out more about the company and what this means.

They came back and said information has come to light today with alleged accounting irregularities, that was the big bloodbath that happened in the shares. And then today they issued another statement saying, from what we can ascertain, they doubt the validity and recoverability of about 6 billion euros worth of assets.

Wayne McCurrie, Market Commentator at Ashburton Investments

Ultimately this will end up being a criminal investigation, at the moment its just a story related to essentially accounting fraud, that something is wrong in the books of Steinhoff...

Wayne McCurrie, Market Commentator at Ashburton Investments

Click on the link below to listen to hear more about the companies loss....


Recommended

by NEWSROOM AI
Read More
Wits Nehawu members down tools over salaries

Wits Nehawu members down tools over salaries

Nehawu Wits acting secretary Tumisho Madihlaba says negotiations with management deadlocked resulting in a strike.

[LISTEN] BLSA concerned about Steinhoff and MultiChoice corruption allegations

[LISTEN] BLSA concerned about Steinhoff and MultiChoice corruption allegations

A massive R183 billion was wiped off the JSE following allegations of financial irregularities at Steinhoff.

Words you will hear today: Stein-aster

Words you will hear today: Stein-aster

A combo of Steinhoff and disaster after allegations of financial irregularities saw 62% wiped off the value of Steinhoff.

Why Steinhoff (formerly SA’s 5th biggest company) lost 62% of its value in a day

Why Steinhoff (formerly SA’s 5th biggest company) lost 62% of its value in a day

Bruce Whitfield interviews Steinhoff Chair Christo Wiese, the JSE's John Burke and Anchor Capital CIO Sean Ashton.

German prosecutors probing Steinhoff CEO Markus Jooste (for accounting fraud)

German prosecutors probing Steinhoff CEO Markus Jooste (for accounting fraud)

The Money Show’s Bruce Whitfield interviews Steinhoff International Chairperson Christo Wiese.

May the Fourth be with you, a celebration of Star Wars Day

May the Fourth be with you, a celebration of Star Wars Day

May 4 marks "May the Fourth be with you," Day celebrated by fans George Lucas' fans of his Star Wars global movie franchise.

Popular articles
WATCH: Monkey takes the wheel, and Trump says climate change will "change back"

WATCH: Monkey takes the wheel, and Trump says climate change will "change back"

Khabazela shares some of the most popular tweets, posts, and videos on 'What's gone viral'.

Ramaphosa sets the ball rolling for the appointment of new NDPP

Ramaphosa sets the ball rolling for the appointment of new NDPP

Several legal entities and independent public institutions have been asked to help select possible candidates for the position.

ASOM: You can be a groundbreaker, a leader and a lady - Lerato Mbele-Roberts

ASOM: You can be a groundbreaker, a leader and a lady - Lerato Mbele-Roberts

BBC World News journalist, Lerato Mbele-Roberts shares a personal story of her experience at her Alma Mater (St Mary's School).

I've finally decided to start my 1st solo project - Zolani Mahola, Freshlyground

I've finally decided to start my 1st solo project - Zolani Mahola, Freshlyground

On the #WeekendBreakfast with Africa Melane, Zolani Mahola of Freshlyground tells us all about her first solo project.

Stormy weather expected over parts of South Africa

Stormy weather expected over parts of South Africa

The South African Weather Service is predicting some much-needed rain over some parts of South Africa over the weekend.

R10 million siphoned from VBS to Floyd Shivambu's personal account

R10 million siphoned from VBS to Floyd Shivambu's personal account

Top ANC officials, along with senior EFF members are among those being fingered in the scandal relating to more than R1 billion being siphoned out of VBS Mutual Bank.

Sunday Times has seven days to confess to state capture role, warns O'Sullivan

Sunday Times has seven days to confess to state capture role, warns O'Sullivan

Private eye Paul O'Sullivan says the Sunday Times was an integral part of state capture and needs to come clean or face a boycott.