the German prosecutors have completed their criminal investigation into balance sheet manipulation at Steinhoff, which has a primary listing on the Frankfurt Stock Exchange.
The first warning lights flickered around Steinhoff in 2015 when German authorities raided the offices of one of Steinhoff’s subsidiaries ahead of the company’s listing on the Frankfurt Stock Exchange. July 2017. It was this that ultimately led to auditor Deloitte refusing to sign off on Steinhoff’s accounts in December of that year.
Since the dark days of December 2017, a dedicated team comprising the Supervisory Board and many executive managers have laboured to put Steinhoff together again and to recoup some funds for shareholders.An investigation carried out by PwC found the firm recorded fictitious or irregular transactions totalling €6.5-billion over a period covering the 2009 and 2017 financial years, according to a summary of the findings posted on the Steinhoff company website.
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