Steinhoff saga shows that corporate sa speaks with a forked tongue. Germany, prime all share, sdax, daxglobal sarasin sustainability germany index eur. Dec 07, 2015 steinhoff lists on the frankfurt stock exchange. Steinhoff international is a south african international retail holding company that is dual listed in germany. While there have been allegations of cooking of the books. Genesis investment holdings is the company through which steinhoff reverselisted on the frankfurt stock exchange.
Central banking publications publishes a range of specialist books, directories and research studies. Steinhoff inter share price 0rdg, chart, recent trades, company information, trading. Steinhoff international expects more doom and gloom to follow the release of its longawaited 2017 earnings in which the retailer saw the value of its assets shrink amid massive losses and. Capfin following the internalisation of its credit book funding which is not included in the.
A formality for most companies, steinhoffs confidence that it can keep the lights on isnt selfevident. Stock analysis for steinhoff international holdings nv snh. It also sells shoes, computers, hifis, tiles, childrens clothes, kitchen furnishings, smartphone apps, mattresses and everything from bathroom accessories to short term insurance. Snh stock price steinhoff international holdings n. Steinhoff international, stellenbosch, western cape. Dec 06, 2018 steinhoff international holdings nvs efforts to allay investors fears and publish audited earnings by the end of the year were dashed after auditor pwcs longawaited probe into the. South africas steinhoff international has bought the uk discount retailer poundland. Ftsejse index series informative notice 30 october 2015 this informative notice is issued for information purposes only and should not be used as the. Jul, 2016 south africas steinhoff international has bought the uk discount retailer poundland. Steinhoff may be the tip of the iceberg author fin24.
Dutch shareholders in steinhoff sue accountants deloitte. Steinhoff international holdings will buy mattress firm holding corp, the largest specialty bedding retailer in the u. Steinhoff international, the onetime giant of south african retailing, had its income inflated to the tune of more than r100bn over the course of nine years. Frankfurter buchmesse is the worlds most important fair for the print and digital content business, as well as an outstanding social and cultural event. The household goods business area includes the retail of furnitur e, building materials and consumer electronics through the companys subsidiaries lipo einrichtungsmaerkte, poco and. Absa is being targeted for damages in the steinhoff scandal due to its involvement in. Cape town eight questions about steinhoff you were too embarrassed to ask. Steinhoffs interim chief resigns amid accounting probe christo wiese, one of the companys biggest shareholders, leaves post as retailer grapples with fallout from possible balancesheet.
The european central bank has sold its holdings of bonds issued by the troubled south african retail firm steinhoff international, an ecb spokesman has confirmed. Steinhoff international holdings nv is an investment company, which engages in the manufacture and retail of furniture, household goods, and clothing. Shares in poundland owner steinhoff slump 60% over. Steinhoff international holdings nv share price snh. Lufthansa, and it is the home of the oil and gas industry.
Eur 19 billion, it is the largest prime standard listing in germany this year. Inside the steinhoff saga, one of the biggest cases of. Skeletons emerge as allegations of accounting fraud and other financial irregularities come to light. Steinhoff international holdings nv faces a potential fire sale of its global retail holdings as it battles for survival. Steinhoff stock above r3 apiece for the first time since april. It was a tense weekend for christo wiese, the chairman of steinhoff international holdings. Dec 12, 2017 steinhoff saga shows that corporate sa speaks with a forked tongue. Steinhoffs dutch shareholders file lawsuit against deloitte. Shares in poundlands parent firm steinhoff international have lost more than 60% of their value after its chief executive quit amid allegations of accounting irregularities. Cape town and munich the change takes place in october due to lufthansa not being allowed to land late at night at frankfurt airport due to noise restrictions, to ensure that flights are as full as possible, and that lufthansa retains the cape town munich route for more than the year that it has. Steinhoffs interim chief resigns amid accounting probe wsj.
The stores bensons for beds, harveys furniture and upholstery. Steinhoff moved its primary stock listing to frankfurt in 2015. The da has raised concerned over auditors of steinhoff, claiming that the auditors might not have complied with the auditing standards. The retailers 2017 results will be accompanied by a restatement of its 2016 financial statements as well as the 2015 earnings of steinhoff international holdings pty ltd.
The most important passage in steinhoff international holdings regulatory filing, late on friday, was a section attesting that management still believes the retailer is a going concern. Get the latest steinhoff stock price and detailed information including news. Jun 28, 2018 a lawsuit is filed by tilp in frankfurt, representing investors. Retailinternational operations, retailafrican operations, manufacturing, sourcing. The jse was down sharply last week as scandal engulfed one of the biggest shares on the exchange. Overview charts news company details key data price history. Nov 28, 2018 it was a tense weekend for christo wiese, the chairman of steinhoff international holdings. Steinhoff international holdings is being investigated by german prosecutors for possible.
Steinhoff still delaying release of 2017 accounts marketwatch. Steinhoff international holdings nv is a germanybased company that is active in the retail of household goods, apparel, as well as in the automotive industry. Steinhoff latest news, breaking stories and comment. The news that it appeared to have cooked the books. Retail giant steinhoff rocked by accounting scandal et. Bruno steinhoff, founder of steinhoff international. Steinhoff buys mattress firm in cash, stock deal worth.
Steinhoff accounting woes go back to 2016 as scandal grows. Surely this is clear mismanagement corruption at its best. Steinhoff shares leap nearly 30% amid reports of interest. Steinhoff international holdings nv is a furniture company and multinational retailer. What worries us mostly is the use of words like irregularities by steinhoff when there have been billions of rand wiped out. Steinhoff delays earnings as forensic investigation drags on. The steinhoff case raises important questions about our financial system as a whole and the possible consequences if other companies were subjected to the same level of scrutiny, says jamesbrent styan, author of a new book on the steinhoff saga. Steinhoff international holdings markets its products worldwide. A steinhoff guide for dummies updated for 2018 dec 08 2017 07. Browse the independent s complete collection of articles and commentary on steinhoff. Get set for furniture retail bargains galore in global fire sale.
Uwe steinhoff, studied philosophy, psychology and politics in frankfurt a. Steinhoff was founded in 1964 by bruno steinhoff in westerstede, germany. Frankfurt listed shares in steinhoff at 1129 gmt were down 5% at 0. Steinhoffs dutch shareholders file lawsuit against. Frankfurt listing steinhoff international holdings nv. Its where publishing experts come together with the vips of the creative industry to meet authors, stars, journalists, and cultural enthusiasts from around the world. Steinhoff deals mainly in furniture and household goods, and operates in europe, africa, asia, the united states, australia and new zealand. Jun, 2018 dutch shareholders on wednesday filed a lawsuit against deloitte seeking damages for alleged failures in the accounting firms vetting of the books of retailer steinhoff international nv, the. Nov 15, 2019 steinhoff international has sold its uk furniture retailing business to alteri investors new retail fund as it strives to cut debt. Steinhoff international auditors must be investigated. The company, through its subsidiaries, distributes furniture and household products such as beds, sofas, chairs, and tables.
Jan 30, 2018 steinhoff international holdings nv snh. View realtime stock prices and stock quotes for a full financial overview. Steinhoff sells uk furniture business to alteri investors. Retail giant steinhoff rocked by accounting scandal et retail. Steinhoff international holdings is being investigated by. Sthhf stock price steinhoff international holdings n. The steinhoff saga, possibly the biggest case of corporate fraud in south african business history, has dominated financial and general news since the companys share price collapsed on 5. Its businesses include british high street discounter poundland, frances ligue 1 sponsor conforama and pep africa, which runs the. Steinhoffs highly anticipated 2017 results reveal yet. Shares in steinhoff international, the multinationals parent company which is dual listed on the frankfurt and johannesburg stock exchanges, have.
Steinhoff saga shows that corporate sa speaks with a fo. The bonds were bought under the ecbs corporate sector purchase programme, as part of its package of quantitative easing policies. Every year, frankfurter buchmesse brings innovative technologies and world literature to the city of frankfurt, transforming it into a global hub of the media and publishing industries. Steinhoff international holdings managements message to the. Once known as the ikea of africa it has branched out from furniture.
Steinhoff international shares plunged after the companys auditors refused to sign off on its. Steinhoff international holdings nv is an investment company, which. He is proud of the growing multinational call centre industry in cape town e. Hunkered down at his holiday home in the harbor town. Hunkered down at his holiday home in the harbor town of yzerfontein, near cape town, he was barely off. A lawsuit is filed by tilp in frankfurt, representing investors. Steinhoff international holdings nv is an investment company. Dec 14, 2017 steinhoff international holdings revealed that its accounting errors stretch back into 2016, highlighting the extent of wrongdoing at the clothing and furniture retailer thats led to an. A steinhoff guide for dummies updated for 2018 fin24.
Frankfurter buchmesse 2019 was a huge success, featuring exciting conferences, fascinating events and an expansive range of innovative exhibitors that. Xetra including stock price, stock chart, company news, key statistics, fundamentals and company. Shares in steinhoff international, the multinationals parent company which is dual listed on the frankfurt and johannesburg stock exchanges, have lost over 85% of its their value. Shares in steinhoff international, the multinationals parent company which is dual listed on the frankfurt and johannesburg stock exchanges. He mentioned with pride that dhl has set up its africa head office in cape town, while steinhoff international has opened offices in stellenbosch. Steinhoff shareholders sue deloitte for damages financial times. View the latest steinhoff international holdings n.
Steinhoff international has sold its uk furniture retailing business to alteri investors new retail fund as it strives to cut debt. Steinhoff international holdings nv is a germanybased company that is. Steinhoff international is a retail group with diversified operations in the uk, europe, the pacific rim, africa and the usa. Steinhoff latest news, breaking stories and comment the. Steinhoff international shares plunged after the companys auditors refused to sign off on its latest financial statements and its chief executive resig. Its businesses include british high street discounter poundland, frances ligue 1 sponsor conforama and pep africa, which runs the continents. Steinhoff international holdings nv is a germanybased company that is active in the retail of household goods, apparel. Xetra stock quote steinhoff international holdings nv. Steinhoff continues to delay publication of fiscal year 2017 accounts. In this cnbc africa special we piece together what led to south africas largest diversified retailer steinhoff to unravel. Steinhoffs highly anticipated 2017 results reveal yet more pain. Steinhoff international holdings revealed that its accounting errors stretch back into 2016, highlighting the extent of wrongdoing at the clothing and furniture retailer thats led to an. The steinhoff group is an integrated lifestyle supplier that manufactures, markets, warehouses and distributes household goods and timberrelated products.
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