Steinhoff Falls as Accounting Probed by German Prosecutors
- Investigation centers on asset transfers within retailer
- Shares decline as much as 11% ahead of Frankfurt listing
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Steinhoff International Holdings Ltd., the South African furniture chain that plans to start trading on the Frankfurt Stock Exchange on Monday, is being investigated by German prosecutors for possible accounting violations.
Authorities searched Steinhoff offices in the town of Westerstede on Nov. 26, the company said in a statement Friday. They also visited some private homes as prosecutors in Oldenburg investigate four current and former managers, Frauke Wilken, a spokeswoman for the prosecutors, said by phone, without naming the people. The stock fell the most in almost 18 months.