Steinhoff had said in August it's only way to survive was to slim down and sell its assets.
Steinhoff has been battling with the fallout from the scandal after flagging holes in its accounts in December 2017. The company is fighting for its survival, having declared billions of dollars in losses and seen its shareholder equity wiped out.
The retailer’s CEO in March told lawmakers that Jooste, la Grange, along with six other people, were identified by an investigation as players in inflating Steinhoff profits and asset values over several years.
Members of Parliament want Jooste prosecuted for his role in the country’s biggest corporate scandal to date and for him and his associates to be jailed as soon as possible.
The 2017 and 2018 financial statements of the company’s wholly owned subsidiary, Steinhoff Investment Holdings Ltd, will be released shortly after the group’s results.
Steinhoff revealed holes in its accounts six months ago, shocking investors who had backed its reinvention, sending its shares crashing and leaving it scrambling to pay its debts.
It was probably related to debt issued by Steinhoff, which the ECB decided to sell at a loss in January after the South African retailer became embroiled in an accounting scandal.
Steinhoff, which expanded from a small local furniture retailer in South Africa into an international group, reported holes in its accounts six months ago, sending its shares tumbling and leaving it scrambling to pay its debts.
Steinhoff has been fighting to recover from the fallout from accounting irregularities discovered in December.
The AGM, the first since the scandal broke just over four months ago, took place in Amsterdam in the Netherlands and was live-streamed to Cape Town.
The global retailer lost more than 60% of its stock value on the JSE last year after CEO Markus Jooste stepped down amid allegations of accounting irregularities.
The multinational retailer has been fighting for survival after it discovered accounting irregularities in December which sparked a sell-off that wiped more than $10 billion off its market value.
The IRBA said in December 2017 it would investigate Steinhoff’s auditor following the retail group’s disclosure of accounting irregularities.
The multinational retailer is fighting for survival after it discovered accounting irregularities in December.
Steinhoff executives have been appearing before three committees at Parliament in a one-day meeting aimed at uncovering the origins of the crisis
Heather Sonn, the acting chairperson of Setinhoff, has been briefing a meeting of three parliamentary committees on events surrounding the collapse of its share price last month amid an accounting scandal.
Members of Steinhoff’s supervisory board and top management are expected to attend a joint meeting of three parliamentary committees on Wednesday.
Steinhoff, which is incorporated in the Netherlands, in December, postponed its 2017 results ‘until further notice’ after it admitted accounting irregularities.
