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JSE seeking clarity on allegations against Steinhoff

Nearly R183 billion of market value has been wiped off the JSE following allegations of financial irregularities.

The Johannesburg Stock Exchange. Image: The JSE Group Facebook page

JOHANNESBURG - The JSE says it’s been talking to Steinhoff to find out the exact allegations against the international company after the furniture retailer shares plummeted.

Nearly R183 billion of market value has been wiped off the JSE following allegations of financial irregularities.

Steinhoff international CEO Markus Jooste stepped down on Tuesday with German prosecutors saying a number of officials are now under investigation.

The JSE's John Burke says shareholders need information.

“We’re going to have to look very, very carefully and what comes out of the investigation and obviously, we are very keen to get information into the market as soon as possible.”

He says a decision was taken not to suspend trade.

“Not that the company asked us, but we were not convinced that there is enough information to us for us suspend the trade.”