Steinhoff Investment Holdings, a subsidiary of Steinhoff International, has swung into a hefty first-half loss as it makes provision for possible legal settlements.
The company has made a R9.4bn provision for legal claims, which follows Steinhoff unveiling a settlement plan in July. Steinhoff Investment’s operating profit from continuing operations, after other material expenses, swung into a R10.5bn loss in its six months to end-March, from profit of R4.1bn previously.The group reported a headline loss per share of 23,716.3c, from headline earnings per share of 2,481.8c previously.
Steinhoff, whose shares have plunged more than 90% since it disclosed “accounting irregularities” in December 2017, uncovered a €6.5bn hole in its accounts in 2017, causing a share collapse and multiple lawsuits from former business partners and aggrieved shareholders, including former chair Christo Wiese.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Steinhoff Investment swings into loss amid legal claimsThe company has made a R9.4bn provision for settlements in the wake of an accounting scandal
Source: BDliveSA - 🏆 12. / 63 Read more »
Santam holds on to cash amid legal battle over business interruption claimsThe group has opted not to declare an interim dividend amid the lockdown fight
Source: BDliveSA - 🏆 12. / 63 Read more »
Source: News24 - 🏆 4. / 80 Read more »
JOHN STEENHUISEN: Property rights and the rule of law the wisest way forwardLand invasions and expropriation will kill investment and breed mass insecurity
Source: BDliveSA - 🏆 12. / 63 Read more »
Source: dailymaverick - 🏆 3. / 84 Read more »
WATCH: Covid-19 business interruption precedent awaitedMichael Avery talks to a panel about the ongoing legal battle for business interruption insurance payouts
Source: BDliveSA - 🏆 12. / 63 Read more »