Tough times for Steinhoff group, as CEO resigns and stocks collapse after investigation into accounting irregularities

Tough times for the group, hit by accounting irregularities and turnover fudged numbers. Not to mention an investigation into that, carried out by German judges. Markus Jooste, CEO at Steinhoff, resigned with immediate effect. The board, who accepted his resignation, appointed Christo Wiese, who is the president of the Supervisory Board and the group’s majority shareholder, as provisional chief executive officer of the company. Steinhoff International Holding, a middle-end furniture and accessories multinational corporation (whose turnover in the first 9 months of the current financial year has reached 15 billion euros), is being hit by a legal scandal. As a consequence of it, at Frankfurt Stock Exchange their stocks slumped (-60 per cent). The investigation into Steinhoff’s invoicing third parties began in 2015.



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