trending Market Intelligence /marketintelligence/en/news-insights/trending/hcnnudwt1iq7exxs59whiq2 content esgSubNav
In This List

Steinhoff will not propose FY'17 accounts for adoption at annual general meeting

Video

S&P Capital IQ Pro | Powered by Expert Insights

Blog

Q&A: Streamlining Analytics for TCFD Reporting

Blog

Evergrande and the wider impact: a sentiment analytics based perspective

Blog

Insights Weekly: Midstream sector gains; loan growth momentum; insurance M&A on the rise


Steinhoff will not propose FY'17 accounts for adoption at annual general meeting

Steinhoff International Holdings NV on Feb. 15 said its 2017 consolidated financial statement will not be proposed for adoption at the South African retailer's annual general meeting due to the ongoing investigation into its accounting.

A separate general meeting for shareholders will be convened as soon as possible once the consolidated accounts for the fiscal year ended Sept. 30, 2017, have been finalized, Steinhoff said in a statement.

The Stellenbosch-based company's annual meeting is April 20.

Steinhoff, which sells furniture, household goods and general merchandise through brands such as Sleepy's in the U.S., Poundland in the U.K. and Conforama in continental Europe, disclosed Dec. 6, 2017, that it had appointed an independent auditor to probe accounting irregularities and that its CEO had resigned with immediate effect. It has also announced that its financial reports for 2015 and 2016 need to be restated.

The Johannesburg Stock Exchange on Feb. 1 said Steinhoff Investment Holdings Ltd., a subsidiary, faces suspension from trading unless Steinhoff files its annual report on or before Feb. 28.

In a separate announcement on Feb. 15, Steinhoff said it had appointed Richard Heis as chief restructuring officer. Heis has 25 years' experience in restructuring complex and international groups and was previously global head of restructuring at KPMG in London.