Steinhoff Fights for Survival as South Africa Joins Probes
- Treasury backs FSB’s investigation; JSE also starts review
- Steinhoff shares have plunged almost 80% since scandal broke
Steinhoff Bonds Tumble on Moody's Cut to Junk
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South African regulators have joined the investigation into an accounting scandal at Steinhoff International Holdings NV that’s wiped $11.4 billion off the value of the global furniture and clothing retailer.
The Pretoria-based Financial Services Board has started an independent probe into possible false and misleading financial reports, Finance Minister Malusi Gigaba said in an emailed statement on Thursday, adding that he supports the inquiry. That’s over and above a review by Johannesburg’s stock exchange and previously disclosed investigations in Germany, where the company is listed.