JSE says still investigating Steinhoff over accounting scandal

The Johannesburg Stock Exchange. File picture: Siphiwe Sibeko

The Johannesburg Stock Exchange. File picture: Siphiwe Sibeko

Published Jan 31, 2018


JOHANNESBURG - Market investigations into Steinhoff were far from uncovering what had happened to the retailer, Nicky Newton-King, chief executive of the Johannesburg Stock Exchange (JSE) told a parliamentary committee on Wednesday.

The JSE is investigating whether Steinhoff broke disclosure rules after the firm admitted to accounting irregularities that triggered a slide in its shares that wiped more than $10 billion off its market capitalisation.

The former chairman of Steinhoff , Christo Wiese, told parliament earlier today that the accounting scandal at the company “came like a bolt from the blue”.

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Wiese said he became aware of problems at Steinhoff three working days before the company’s accounts had to finalised for a board meeting in December. He said Steinhoff was in “absolute turmoil” at the time.

From left to right: Jayendra Naidoo, Chairman, Steinhoff Africa Retail; Nicky Newton-King, CEO of Johannesburg Stock Exchange and Ben la Grange, former CEO, Steinhoff Africa Retail Limited.

Earlier today, Parliament heard that former Steinhoff CEO and shareholder Markus Jooste was reported to the Hawks, from acting chairperson Heather Sonn.

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