Steinhoff executives were ultimately forced to divulge the names of former and current directors who’ve been implicated in the PwC report as having been responsible for inflating the retailer’s income by a whooping R100 billion.
Former Steinhoff chairperson and top shareholder, Christo Wiese, says he is open to negotiations over his R59 billion claim against the scandal-hit company.
Steinhoff has appointed commercial director Louis du Preez, a key figure in its attempts to recover from a financial crisis, as its permanent chief executive, sending shares in the South African retailer as much as 15% higher on Monday.
Steinhoff said on Wednesday investors who are suing the crisis-hit firm had agreed to suspend litigation until next year, allowing the retailer time to focus on its recovery.
South African retailer Steinhoff, has asked creditors for a one-month extension relating to its debt restructuring as it negotiates documents required to implement the plan, it said on Monday.
Steinhoff’s shares fell more than 9 percent on Thursday to a near two-month low after a global market rout and a report by Bloomberg saying the retailer’s former CEO advised friends to sell the firm’s stock days before the shares collapsed.
Steinhoff’s United States unit, Mattress Firm, has filed for voluntary Chapter 11 bankruptcy protection to strengthen its balance sheet and support its parent company’s debt restructuring, the South African company said on Friday.
South African investors including Allan Gray, Old Mutual and Investec’s asset management arm are backing litigation against crisis-hit Steinhoff in the Netherlands.
Former Steinhoff CEO Markus Jooste has denied any knowledge of accounting irregularities at the time he left the company late last year.