Our Investor Community enables you to discuss, analyse, blog, live chat and engage with likeminded people on JSE and USA-listed companies and more. FREE to join!
STEINHOFF INTERNATIONAL HOLDINGS N.V. - Steinhoff Announces Investigation Into Accounting Irregularities And Resignation Of CEO
Steinhoff Announces Investigation Into Accounting Irregularities And Resignation Of CEO 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. 5 December 2017 Sponsor PSG Capital Date: 06/12/2017 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.