The value of the retailer’s assets has shrunk amid massive losses and restatements in the wake of the accounting scandal
Steinhoff International expects more doom and gloom to follow the release of its long-awaited 2017 earnings in which the retailer saw the value of its assets shrink amid massive losses and restatements in the wake of an accounting scandal.
The release of the 2017 annual report comes after Deloitte refused to sign off the accounts in December of that year, a move that threw the company into crisis and led to the resignation of then-CEO Markus Jooste. Auditors at PwC then started a 15-month forensic probe, which found a small group of former executives — with the help of outsiders — allegedly structured deals that inflated profits and asset values.
But the pool is shrinking, with total assets marked down to €17.5bn in fiscal 2017, compared with a restated €21bn in 2016, the report showed. That compares with claims highlighted in the annual report amounting to €6.2bn, more than half of which is from former chair Christo Wiese. In addition, various class-action suits are planned.
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