Sports

Sleepy's Owner Steinhoff Shares Tank After It Flags a Suspected Accounting Fraud

Sleepy's Owner Steinhoff Shares Tank After It Flags a Suspected Accounting Fraud

Shares in Steinhoff, which also owns United Kingdom cut-price fashion chain Pep&Co, were more than cut in half on Wednesday after the retail giant announced its chief executive Markus Jooste was standing down following the discovery of "accounting irregularities requiring further investigation".

Steinhoff has been aggressively expanding in developed markets since moving its primary share listing from Johannesburg to Frankfurt in 2015, snapping up Britain's Poundland, U.S-based Mattress Firm and Australia's Fantastic.

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. LLP (MC) as an independent financial advisor and AlixPartners LLP as operational adviser with immediate effect, after the South African retailer disclosed possible accounting irregularities.

Reuters reported last month that Steinhoff did not tell investors about nearly $1 billion in transactions with a related company, despite laws that some experts believe require it to do so. Steinhoff African Retail added 6.06% to R18.56.

More news: Unhealthy air quality projected through Monday for Santa Barbara, SLO counties

Shares in the company, listed in South Africa and Germany, ended the day 63% lower.

The group has been under investigation for suspected accounting irregularities by the state prosecutor in Oldenburg in Germany since 2015. "People are concerned about their job security and whether they'll lose their jobs".

Steinhoff International Holdings NV (SNH.JO) has appointed Moelis & Co.

"Exposures to client share covered loans where reliance is placed on value being accorded to the Steinhoff share price to support repayment is negligible".


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