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Steinhoff: will revise its accounts over several years

(CercleFinance.com) - Steinhoff International, the specialist distributor that includes Conforama as one of its subsidiaries and whose share has collapsed on the stockmarket after the revelation of accounting fraud, this morning prepared a progress report of its internal investigations, as well as those of PwC, which has been mandated by the group.

The German group has made the following statements: it will have to revise the accounts and balance sheets published for 2017 and 2016 which, as it had already indicated, can no longer be considered as reliable.

This will also be the case for the 2015 accounts of Steinhoff International Holdings Proprietary Limited, the group's former listed holding company. Even if it is not yet certain, accounts of previous years could even be re-examined again. The group's internal investigations are not yet complete.

Although the Steinhoff share is currently up about 4% in Frankfurt, it has collapsed, losing over 90% of its value over the past 12 months.

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