Accounting irregularities dating back to 2015 were uncovered in 2017 during an auditing probe triggered by accounting firm Deloitte’s refusal to sign off on accounting statements., underwhich the accounting irregularities took place, is yet to be arrested, let alone convicted of any financial crimes despite a German court issuing a warrant for his arrest., Steinhoff initally sought to stay afloat by selling some of its prize assets and shares in its subsidiaries but its borrowings kept growing.
“It’s an absolute disgrace,” said David Shapiro, deputy chairman of Sasfin Securities in Johannesburg. “Anyone could have seen this company was never going to survive and it would have been better for shareholders if it had been dissolved in late 2017,” added Shapiro. Steinhoff is expected to announce a date for its shares to stop trading. The stock is already near worthless, trading at just 7c a share on the JSE, having once fetched more than R90.
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