Australia  

Scandal-hit Steinhoff says it will suffer more in 2019

Video Credit: Reuters Studio - Duration: 01:21s - Published
Scandal-hit Steinhoff says it will suffer more in 2019

Scandal-hit Steinhoff says it will suffer more in 2019

Steinhoff International warned of the lingering damage from a massive accounting scandal after the South African retail group reported a $1.3 billion annual loss, sending its volatile shares down 8 percent.

Pascale Davies reports.

0
shares
ShareTweetSavePostSend
 

South African retailer Steinhoff has already been marked by an accounting scandal - but the firm says it's set to suffer more this year.

A much delayed earning report revealed a 1.3 billion dollar annual loss for 2018.

It said the scandal had a quote "severely negative" impact on its results.

Earnings reports for 2017 and 2018 were repeatedly delayed following the outcome of an investigation by auditor PWC after Steinhoff said it found holes in its accounts.

The probe found that eight people, including former Steinhoff executives, were involved in a scheme where potential inter-company transactions worth more than $7 billion dollars were fraudulently recorded as external income.

That's so it could prop up profits and hide costs in money-losing subsidiaries.

The company's Johannesburg-listed shares fell 8 percent on Wednesday's (June 19) earnings news.

But the impact was felt across continents.

Steinhoff also owns Mattress Firm in the U.S., Fantastic chain in Australia, and Conforama in France.

And in Frankfurt, where it's also listed, shares fell more 10 percent, before recovering some ground.




πŸ’‘ One News Page Knowledge: Other News Mentions

South Africa South Africa Southernmost country in Africa

South Africa: Many in Johannesburg are going hungry [Video]

South Africa: Many in Johannesburg are going hungry

The mayor of South Africa’s biggest city says nearly one million households do not have enough to eat.

Credit: Al Jazeera STUDIO    Duration: 02:34Published
South Africa eases lockdown to revive the economy [Video]

South Africa eases lockdown to revive the economy

While the tourist season begins in September, few travellers are expected as the country grapples with the highest number of coronavirus cases in Africa.

Credit: Al Jazeera STUDIO    Duration: 02:40Published
South Africa to start continent's first coronavirus vaccine pilot [Video]

South Africa to start continent's first coronavirus vaccine pilot

African country with highest number of confirmed COVID-19 infections to begin trial of vaccine involving 2,000 people.

Credit: Al Jazeera STUDIO    Duration: 02:49Published
South Africa: Security forces accused of fatal lockdown crackdown [Video]

South Africa: Security forces accused of fatal lockdown crackdown

Security forces allegedly killed at least six people and are being accused of using excessive force while implementing coronavirus lockdown measures.

Credit: Al Jazeera STUDIO    Duration: 02:50Published
South African schools reopen as COVID-19 lockdown is eased [Video]

South African schools reopen as COVID-19 lockdown is eased

Most schools in South Africa have reopened and those in their final years of primary and secondary school are allowed to return.

Credit: Al Jazeera STUDIO    Duration: 02:40Published

Frankfurt Frankfurt city in Hesse, Germany

Bayern Munich intend to win DFB Pokal as Frankfurt try to make impossible possible [Video]

Bayern Munich intend to win DFB Pokal as Frankfurt try to make impossible possible

Bayern Munich are determined to win the DFB Pokal final according to coach Hansi Flick with his side facing Eintracht Frankfurt in the semis on Wednesday.

Credit: Reuters - Sports    Duration: 05:00Published
ECB gives euro zone fresh shot of stimulus [Video]

ECB gives euro zone fresh shot of stimulus

The ECB moved to increase stimulus for the region's crisis-battered economies on Thursday, ramping up its planned bond purchases to 1.35 trillion euros. Julian Satterthwaite reports.

Credit: Reuters Studio    Duration: 01:47Published
U.S. churches slowly begin to reopen [Video]

U.S. churches slowly begin to reopen

Some places of worship slowly began to reopen over the weekend in the United States at reduced capacity and with social distancing measures. Gavino Garay has more.

Credit: Reuters Studio    Duration: 01:37Published
Bayern determined to beat Eintracht Frankfurt in empty Munich stadium on Saturday [Video]

Bayern determined to beat Eintracht Frankfurt in empty Munich stadium on Saturday

League leaders hunting another Bundesliga title, supporters or no supporters

Credit: Reuters - Sports    Duration: 05:10Published

Johannesburg Johannesburg Place in Gauteng, South Africa


You Might Like


Tweets about this