Steinhoff to Restate 2016 Financial Results
December 14 2017 - 01:43AM
Dow Jones News
By Maryam Cockar
Steinhoff International Holdings NV (SNH.JO) has said that it
will have to restate its 2016 financial results as part of its
scrutiny into its European segment's 2017 balance sheet assets.
The "2016 consolidated financial statements can no longer be
relied upon," the South African retailer said.
Steinhoff added that it is taking the necessary steps to address
audit issues at the group.
Last week Steinhoff shares tumbled after it disclosed possible
accounting irregularities and that its chief executive, Markus
Jooste, had resigned.
Write to Maryam Cockar at maryam.cockar@dowjones.com
(END) Dow Jones Newswires
December 14, 2017 01:28 ET (06:28 GMT)
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