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BUSINESS MAVERICK: Steinhoff’s future remains bleak after 2017 results highlight scale of its losses

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BUSINESS MAVERICK: Steinhoff’s future remains bleak after 2017 results highlight scale of its losses By Ed Stoddard

results on Tuesday 7 May 2019, you might make an effort to get them out at a civilised hour.

That was when auditors from Deloitte announced they could not sign off the accounts because the books had been cooked more thoroughly than a. That sparked the resignation of former CEO Markus Jooste and a forensic probe by PwC, which uncovered a scheme whereby inter-company dealings were masked as external income, fraudulently boosting profits and hiding costs.

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Scale of theft. THEFT.

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Business Maverick: Scandal-hit Steinhoff posts $4 bln operating loss for fiscal 2017Steinhoff has reported an operating loss at 3.7-billion euros vs restated profit 278-million euros, blaming writedowns for the loss. The assets are valued at 17.5-billion vs 32.2-billion in 2016 but says its on track to release 2018 results in June
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