Steinhoff International CEO Departs, Company Investigates Accounting Irregularities

By Oliver Griffin Features Dow Jones Newswires

Steinhoff International Holdings NV (SNH.JO) said Chief Executive Markus Jooste had resigned with immediate effect as the company launched an investigation into accounting irregularities.

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The retail holding company said Wednesday that, in light of new information relating to accounting irregularities, it had approached accounting firm PricewaterhouseCoopers to conduct an independent investigation.

Steinhoff, which had been due to release its results for the year ended Sept. 30 on Wednesday, said it would publish them when it is in a position to do so, adding that it will determine whether any financial statements from previous years need to be restated.

Steinhoff has appointed Chairman Christo Wiese as executive chairman on an interim basis.

The company said that Dr. Wiese and the board would supplement the management team and embark on a detailed review of the business, with a view to maximizing shareholder value.

Steinhoff also warned shareholders and other investors to exercise caution when dealing in securities of the group.

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Write to Oliver Griffin at oliver.griffin@dowjones.com

(END) Dow Jones Newswires

December 06, 2017 01:17 ET (06:17 GMT)