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Steinhoff shares continue fall

Shares in Steinhoff International have again fallen after it said it didn’t know the extent of its ‘financial irregularities’.

The group has said its 2016 accounts will need to be restated, as they cannot be relied on, its 2017 accounts cannot be completed and that previous year’s accounts may need to be restated.

At a meeting with its bankers it said its accounting forecasts were now ‘evolving daily’.

It warned that lenders had withdrawn credit lines and its businesses were suffering reduced credit insurance.

Danie van der Merwe, chief operating officer has become acting ceo; Conforama ceo Alexandre Nodale has become deputy ceo and lawyer Louis du Preez has become commercial director. Non-executive director Heather Sonn has been named as acting chairman.

The group issued statement stressing the independence of its global subsidiaries: ‘Stakeholders are reminded that the Steinhoff business is managed on a decentralised basis with competent, experienced, and local operational teams.’

Yesterday shares on the Frankfurt stock exchange fell from €0.609 to €0.463. This morning they had fallen to €0.331. Before the revelations shares had been €2.99.