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Embattled Steinhoff to face investors at AGM

Steinhoff investors will want to know what went wrong and how much was known before Markus Jooste’s resignation triggered the spectacular collapse in its share price in 2017.

FILE: Steinhoff's offices in Stellenbosch. Picture: Supplied.

CAPE TOWN - Embattled global retailer Steinhoff is to hold its annual general meeting on Friday, where directors are expected to face a barrage of questions from investors about the accounting scandal that has seen its share price plummet.

Steinhoff is the focus of several investigations, including one by the Hawks into former CEO Markus Jooste, who resigned in December when the scandal broke.

The annual general meeting is taking place in Amsterdam in the Netherlands but is to be live-streamed to the Cape Town International Convention Centre.

Steinhoff investors will want to know what went wrong at the company and how much was known before Jooste’s resignation triggered the spectacular collapse in its share price in 2017.

They will be expecting a progress report on the forensic investigation into Steinhoff’s financials, that’s being carried out by audit firm PricewaterhouseCoopers.

Shareholders will also be voting for the members of a new supervisory board.

Steinhoff director Johan van Zyl resigned recently and is on record saying he will not be available for re-appointment.

LISTEN: ‘Markus Jooste did not act alone in Steinhoff crisis’

(Edited by Zamangwane Shange)