DA remains mum on Steinhoff International “accounting irregularities”

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Steinhoff Chairperson Christo Wiese
Christo Wiese, Steinhoff

The official opposition party, Democratic Alliance (DA) has kept its mouth shut following the rise of the “accounting irregularities”scandals in the Steinhoff International. 

Steinhoff International is a South African international retail holding company that is dual listed in Germany. The Company deals with mainly in furniture and household goods, which operates in Europe, Africa, Asia, the United States, Australia and New Zealand.

On 6 December 2017, Steinhoff’s CEO resigned after the company reported accounting irregularities in its accounts.

Steinhoff International’s shares crashed on Wednesday after it revealed “accounting irregularities” and its Chief Executive Officer (CEO) Markus Jooste quit, the move that shocked the investors.

It put Christo Wiese (The Owner of Shoprite), its largest shareholder and chairman, in charge for the interim period.

Steinhoff said chief executive Markus Jooste, who oversaw its expansion to one of the world’s largest household goods retailers over nearly 20 years, had resigned and PwC would undertake an “independent investigation”.

The company later said its chief financial officer remained in his position and there was no evidence to suggest he had any involvement in the matters being investigated.

Steinhoff has been aggressively expanding in developed markets since moving its primary share listing from Johannesburg to Frankfurt in 2015.

It said Wiese would “embark on a detailed review of all aspects of the company’s business with a view to maximising shareholder value.

Its South African shares had slumped 61 percent to close at 15.87 rand, after hitting an eight-year low of 13.50 rand in earlier trading.

DA, Afriforum & most of President Jacob Zuma critics remains mum and shocked as the shenanigans surfaces in the Steinhoff.

 

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