Shares in Poundland, Benson for Beds and Harveys owner crash
Shares in Poundland, Benson for Beds and Harveys owner crash
A Steinhoff International Holdings logo on display outside the company's offices in Stellenbosch
07 Декабря, 2017, 02:20
Steinhoff said it will update the market as the investigation proceeds and added that it will publish its audited 2017 consolidated financial statements "when it is in a position to do so".
Steinhoff bought the Willenhall-based chain of discount stores for £610 million previous year.
It put Christo Wiese, its largest shareholder and chairman, in charge and later sought to give "additional comfort" to investors anxious about its ability to fund its existing operations, saying it had identified measures that would give it around 2 billion euros ($2.4 billion) of additional liquidity.
Over near two decades Mr Jooste has overseen Steinhoff's expansion from a South African furniture manufacturer to one of the world's biggest household goods retailers.
Markus Jooste resigned on Tuesday with immediate effect. Wiese had a net worth of $4.3bn as of Tuesday, according to the Bloomberg Billionaires Index.
Jooste's sudden resignation marks the end of his 30 years with the business.
Steinhoff shares traded 64% lower at €1.08 as of 16:02 in Frankfurt.
Steinhoff nearly merged with Shoprite earlier this year which would have formed Africa's largest retailer but the plans were scrapped in February.
It is being reported Steinhoff did not tell investors about transactions amounting to almost $1 billion (R13,5-billion).
The retailer has indefinitely delayed the release of financial results, which had been scheduled for Wednesday, citing a criminal and tax investigation in Germany.
KAP Industrial Holdings, in which Steinhoff is a major shareholder, fell the most in six months even as the firm said in a statement it is independently managed.
The company is involved in ongoing civil litigation - including with a former joint-venture partner - and the outcome "should result in monetary remedy to be paid by the group", Steinhoff said in August. According to the news agency Reuters, investors are now concerned that Wiese may be forced to sell shares he bought a year ago with borrowed money, which would depress Steinhoff's stock further.
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