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Steinhoff withdraws sponsorship of FNB Varsity Cup

This after the company’s share price has plummeted after concerns about fraudulent accounting activities.

Varsity Cup logo. Picture: Facebook.com

CAPE TOWN - Varsity Cup management confirmed that Steinhoff International has withdrawn as a sponsor of the annual FNB Varsity Cup rugby tournament.

This after the Stellenbosch-headquartered company’s share price has plummeted due to concerns about fraudulent accounting activities.

The announcement comes after it was reported that Steinhoff parted ways with the South African Sevens side as well. The multinational company was a main sponsor of the side with the Blitzboks displaying the Steinhoff logo on their jersey.

Steinhoff has 12,000 stores in more than 30 countries, in South Africa some of its famous brands include Ackermans, Pep, Tekkie Town, Russells and HiFi Corp.

The Varsity Cup management has begun exploring alternative sponsorship opportunities to sustain the tournament.

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