Global Banks Have Billions at Risk as Steinhoff Scandal Deepens
- Citigroup, HSBC, BNP, FirstRand are some of the banks involved
- Maximum exposure may be $21 billion, according to accounts
Steinhoff Bonds Tumble on Moody's Cut to Junk
This article is for subscribers only.
Blindsided by the sudden plunge in Steinhoff International Holdings NV shares and bonds, U.S. and European banks with billions of dollars at stake were told they’d have to wait another week to confront the global clothing and furniture retailer that’s engulfed in an accounting scandal.
The company on Friday delayed a meeting with lenders to Dec. 19 from Dec. 11, citing that full-year earnings that are typically discussed in the annual gathering haven’t been published. The owner of chains such as Mattress Firm in the U.S. and Conforama in France didn’t say whether it planned to report financials before Dec. 19.