Steinhoff chair Heather Sonn quits over related-party deal

Steinhoff chair Heather Sonn has resigned, becoming another casualty of the complex business relationships of the controversial retailer.

“Based on what is now known to me it would have required certain disclosures that I would have made had I been aware thereof,” Sonn said in a statement. In 2017 Gamiro procured an option to acquire an interest in Blake from a subsidiary of Geros Financial Services. Recently obtained information suggests that Geros may have been associated with and indirectly funded by Steinhoff, which would make the Geros transaction a related-party transaction, Steinhoff’s statement reads.“It is important to note that Ms Sonn has in no way been found to have participated in the accounting irregularities at Steinhoff,” said Steinhhoff’s vice chair of the supervisory board, Peter Wakkie.

Seems like a cover up to me but OK

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