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South Africa:Steinhoff Announces Probe Into Accounting Irregularities, CEO's Resignation

Photo: Courtesy of Steinhoff International

Steinhoff International CEO Markus Jooste resigned with immediate effect after the retail giant’s admission of financial irregularities that led to an investigation, and a drop of more than 60% in its shares.

press release

Steinhoff International Holdings N.V.
Incorporated in the Netherlands
Registration number: 63570173
Share Code: SNH
ISIN: NL0011375019
(“Steinhoff” or the “Company”)

Disclosure of inside information in accordance with Article 17 MAR, transmitted by DGAP, a service of EQS Group AG
Steinhoff announces investigation into accounting irregularities and resignation of CEO

The Supervisory Board of Steinhoff wishes to advise shareholders that new information has come to light today which relates to accounting irregularities requiring further investigation. The Supervisory Board, in consultation with the statutory auditors of the Company, has approached PWC to perform an independent investigation.
Markus Jooste, CEO of Steinhoff has today tendered his resignation with immediate effect and the Board has accepted the resignation.

Steinhoff will update the market as the aforesaid investigation proceeds. The Company will publish the audited 2017 consolidated financial statements when it is in a position to do so. In addition, the Company will determine whether any prior years’ financial statements will need to be restated.

The Supervisory Board has today appointed its Chairman, Dr. Christo Wiese, as Executive Chairman (Delegated Supervisory Chairman) on an interim basis. In addition, Pieter Erasmus, the previous CEO of Pepkor Group, has agreed to join Dr. Wiese in an executive advisory capacity to assist with managing the group’s various retail interests around the world.

Dr Wiese and the Board will supplement the management team and will embark on a detailed review of all aspects of the Company’s business with a view to maximising shareholder value.
The Supervisory Board wishes to reassure shareholders that Steinhoff has a number of high quality profitable businesses around the world.

Shareholders and other investors in Steinhoff are advised to exercise caution when dealing in the securities of the Group.

PSG Capital

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