Steinhoff CEO Resigns As Accounting Investigation Intensifies

Source: Reuters, Wednesday, Dec 6, 2017

Steinhoff International has announced the resignation of CEO Markus Jooste. The South Africa-based retail conglomerate also stated it had called in PwC for an “independent investigation” of alleged accounting irregularities. The company has been subject to a probe by German authorities since 2015 over supposed revenue-booking failures and profit declaration. It would not state specifically what issue PwC was looking into.