http://www.polity.org.za
Deepening Democracy through Access to Information
Home / News / All News RSS ← Back
Financial|Proprietary Limited|Public Investment Corporation|PwC|Steinhoff International Holdings|Steinhoff Investment Holdings|STEINHOFF SERVICES|Services|Christo Wiese|Markus Jooste
Financial||Services|
financial|proprietary-limited|public-investment-corporation|pwc|steinhoff-international-holdings|steinhoff-investment-holdings|steinhoff-services|services|christo-wiese|markus-jooste
Close

Email this article

separate emails by commas, maximum limit of 4 addresses

Verification Image. Please refresh the page if you cannot see this image.

Sponsored by

Close

Article Enquiry

Steinhoff says will have to restate 2015 financial statements

Verification Image. Please refresh the page if you cannot see this image.
Close

Embed Video

Steinhoff says will have to restate 2015 financial statements

Photo by Bloomberg

2nd January 2018

By: African News Agency

SAVE THIS ARTICLE      EMAIL THIS ARTICLE

Font size: -+

Beleaguered retailing group Steinhoff International Holdings said on Tuesday its 2015 financial statements, in addition to the 2016 accounts, could no longer be relied upon.

In a statement, Steinhoff, which was engulfed by an accounting scandal last month, leading to the resignation of CEO Markus Jooste, said its audited 2017 consolidated financial statements would be accompanied by the restated 2016 statements.

Advertisement

Chairperson Christo Wiese, a major shareholder, also later resigned, citing concerns about conflict of interest.

In addition, the consolidated statements of financial position would be accompanied by a restated comparative 2015 statement of financial position of Steinhoff International Holdings, the former listed holding company of the group.

Advertisement

This would provide additional insight into the cumulative and consolidated opening balances in the 2016 restated consolidated statement of financial position.

“Due to the restatements, the 2016 and 2015 financial statements of Steinhoff International Holdings Proprietary Limited can no longer be relied upon,” it said.

On Tuesday, the company said the accounting irregularities which were the subject of an internal review and an investigation by accounting firm PwC, also affected the consolidated financial statements of Steinhoff Investment Holdings by virtue of its ownership of certain European subsidiaries until April 1, 2016.

But the restatements would not apply to Steinhoff Services, an issuer of listed bonds on the JSE securities exchange.

The group said the timeline for completion of the internal review by its management team, as well as the PwC probe, remained uncertain.

The accounting scandal triggered a heavy sell-off that slashed more than 80% off the value of its shares in December.

South African labour unions said billions of rands worth of workers’ pensions were lost  through the Government Employees Pension Fund (GEPF) and Public Investment Corporation (PIC) investments in Steinhoff.

EMAIL THIS ARTICLE      SAVE THIS ARTICLE

To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here

Comment Guidelines

About

Polity.org.za is a product of Creamer Media.
www.creamermedia.co.za

Other Creamer Media Products include:
Engineering News
Mining Weekly
Research Channel Africa

Read more

Subscriptions

We offer a variety of subscriptions to our Magazine, Website, PDF Reports and our photo library.

Subscriptions are available via the Creamer Media Store.

View store

Advertise

Advertising on Polity.org.za is an effective way to build and consolidate a company's profile among clients and prospective clients. Email advertising@creamermedia.co.za

View options
Free daily email newsletter Register Now