Finance Minister announces investigation by Financial Services Board into alleged misconduct
The JSE will be conducting an internal audit into the holdings company and is expected to report its findings to the minister of finance.
Allegations of earnings manipulations, uncontrolled acquisition sprees and tax fraud are just the tip of the iceberg for the retail holding company
Steinhoff shares lost over 56% in trading on the Johannesburg stock exchange.
The Amsterdam-based holdings company has had an over-subscription of shares and in the process has combined the assets of SA’s fourth richest person.
The struggling retailer’s shares rose on news that it had found a buyer for its loan book, allowing it to focus on its retailing and product range.