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Steinhoff: For 2017 read 2016

After telling shareholders that it cannot trust its 2017 accounts, Steinhoff International has warned them that the same applies to 2016’s.

The Harvey’s, Bensons, Relyon and Dunlopillo parent says that ‘issues concerning the validity and recoverability of certain Steinhoff Europe balance sheet assets under scrutiny in the 2017 audit work, are also relevant to the 2016 consolidated financial statements.’ As a result its 2016 results ‘will need to be restated and can no longer be relied upon.’

Since the group warned of the irregularities on 5 December its share price has dropped from €2.80 to €0.59.