Steinhoff’s tardy results reveal a gaping R250bn hole

The much-delayed and highly anticipated publication of Steinhoff’s 2017 financial accounts on Wednesday showed that the company’s assets dropped by about a quarter of a trillion rand in the wake of what turned out to be SA’s biggest corporate scandal so far.

Steinhoff shares were down more than 6% in Frankfurt by 12.10am SA time on Wednesday, giving it a market value of about €491m. The shares were not trading on the JSE due to a public holiday as the country held elections. It is down about 90% since the scandal broke in December 2017. The publication of the 2017 results, which follows the release of an overview of a PwC probe into Steinhoff in March, comes 17 months after Steinhoff shocked markets by admitting to accounting irregularities. That came after its previous auditors, Deloitte, refused to sign off on the numbers, sparking a slide in the shares that has wiped off more than R200bn of the company’s value.

Steinhoff has declined to publish the full PwC report, instead opting to provide an “overview” of its findings in March that revealed fictitious and irregular transactions of about R106bn. Under pressure from MPs, Steinhoff CEO Louis du Preez would later name eight individuals blamed in the report.

Source: Entertainment Trends (entertainmenttrends.net)

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