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Steinhoff Seeks to Defuse Accounting Scandal

  • Global banks have billions at risk after asset value plunge
  • Retailer postpones London meeting with bankers by eight days
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Steinhoff Bonds Tumble on Moody's Cut to Junk

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Steinhoff International Holdings NV’s response to an accounting scandal that’s wiped 11 billion euros ($13 billion) from the value of the global retailer is to assign three board members to keep a closer eye on corporate governance.

A new sub-committee will be led by Johan van Zyl, co-chief executive officer of financial services firm African Rainbow Capital Ltd. and a Steinhoff non-executive director since May 2016, the company said after the market closed on Friday. He will be joined by Steve Booysen, an ex-head of lender Absa and the chairman of Steinhoff’s audit and risk committee. The trio is completed by Heather Sonn, a former investment banker and a Steinhoff board member for four years.