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Financial Services Board awaits report on Steinhoff dealings

The furniture retailer has lost over 90% of its stock value on the JSE after CEO Markus Jooste resigned amid allegations of accounting irregularities.

Former Steinhoff CEO Markus Jooste. Picture: Supplied

JOHANNESBURG - The Financial Services Board is now awaiting a detailed report from several institutions on their dealings with Steinhoff International.

The furniture retailer has lost over 90% of its stock value on the JSE after CEO Markus Jooste resigned amid allegations of accounting irregularities.

Ratings agency Moody’s downgraded Steinhoff by four notches to junk status last week.

Meanwhile, trade union Fedusa is expected to meet with the Public Investment Corporation over the Steinhoff saga on Monday, to find ways to salvage workers’ pensions.

LISTEN: How the Steinhoff scandal could affect your pocket

Fedusa's Dennis George says they're concerned about potential job losses.

“We are more concerned about the impact if things are not sorted out quickly as there’s many people depending on Steinhoff. People are concerned about their job security and whether they’ll lose their jobs.”

(Edited by Shimoney Regter)