South African retailer Steinhoff on Tuesday reported a $4 billion operating loss in the 2017 fiscal year, in a much-delayed earnings report revealing the impact of a $7.4 billion accounting fraud.
The company blamed writedowns for the loss as it cleans up its balance sheet. The total writedowns have already topped 13 billion euros since revealing the fraud that left it on the brink of collapse and wiped out more than 200 billion rand of shareholder equity. The retailer has delayed releasing results several times as it waited for the findings of the PwC investigation and audit process of its external auditor Deloitte.South Africa’s biggest corporate scandal has all but wiped out shareholders’ equity and led to several resignations, including chief executive Markus Jooste, who was instrumental in putting Steinhoff on investors’ radar screens.
Months before Steinhoff uncovered dodgy bookkeeping practices, it had been on an acquisition spree in Europe, scooping up Poundland in the UK and paying an eye-popping 115 percent premium to buy Mattress Firm for $4.8 billion.
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