Last Updated: December 13, 2017
The global markets have been rocked as Steinhoff International Holdings NV sees shares plunge on official investigations into “accounting irregularities” and the sudden resignation of its legendary CEO Markus Jooste—once praised as South Africa’s equivalent of Warren Buffet—after nearly two decades leading an M&A spree in the home & furnishings industry.
Since then, the story has developed continuously.
Here is a summary of the events so far:
Disclosure of possible “accounting irregularities”
- Possible prior year reinstatement.
- UNAUDITED financial results to be released.
- The accounting irregularities relates to the “off balance sheet accounting” which took place for the group of entities owned wholly or partially by Steinhoff, as a financial holding company.
- Markus Jooste resigns as Steinhoff CEO overnight.
- Steinhoff CFO Ben La Grange resigns as Steinhoff Africa Retail CEO.
- Markus Jooste steps off PSG Group board, with immediate effect.
- Jooste’s resignation email to employees:
Steinhoff stock price jumps off the cliff
- Share price falls by 62%.