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Steinhoff shares down by over 19%

On Tuesday the retail giant disappointed investors and lenders by disclosing that it was unable to give details on the extent of the alleged fraud at the company.

 Steinhoff acting CEO Danie van der Merwe. Picture: steinhoffinternational.com

JOHANNESBURG - Steinhoff shares are down by over 19% on Wednesday as the company battles to contain the fallout from its accounting scandal.

On Tuesday the retail giant disappointed investors and lenders by disclosing that it was unable to give details on the extent of the alleged fraud at the company. Its shares fell by 20%.

At the same time, at a meeting in London, the company said it was still not sure when it would publish its audited results for the 2016 and 2017 financial years.

Steinhoff has lost $10 billion in market value since the scandal came to light about two weeks ago.

This led to the resignation of its CEO Markus Jooste and chairman Christo Wiesse.

COO Danie van der Merwe has been appointed acting chief executive officer.

(Edited by Shimoney Regter)