Steinhoff had to put off the publication of its results after a $7.17 billion accounting fraud that stunned investors in the group.
JOHANNESBURG - Steinhoff on Tuesday is due to reveal the impact of South Africa’s biggest corporate scandal on its finances when it publishes 2017 earnings after repeated delays caused by the lengthy process of sorting out the retailer’s accounts.
An investigation by auditor PricewaterhouseCoopers released in March revealed some of the scales of the fraud, but shareholders still want more information and an indication of how much Steinhoff’s remaining assets are worth. “Most of the bad news has already been priced in. They’ve already done most of the impairments,” said BP Bernstein equity trader Vasili Girasis.
The 2017 audited and the 2016 restated results will feature a further impairment of €1.8 billion of the group’s goodwill and intangible assets as at 30 September 2017, with the value now expected to be €7.2 billion, the retailer said on 30 April.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fifth suspect arrested in foiled French attack plotOf the four arrested initially, one is a 17-year-old who served a year in prison after being convicted of trying to join jihadist fighters in Syria in 2017.
Read more »
Joe Jonas, Sophie Turner wed in Las VegasThe Game of Thrones actress and the Jonas Brothers member got engaged in 2017.
Read more »
Nepi Rockcastle cleared of false reporting by FSCAEuropean shopping centre giant did not engage in false financial reporting 2017
Read more »
Nepi Rockcastle cleared of false reporting by FSCAEuropean shopping centre giant did not engage in false financial reporting 2017
Read more »
EDITORIAL: Staude’s silence in light of unfolding Tongaat disaster is tellingDestruction of shareholder value at the company has been spectacular even by the inglorious recent record of the corporate sector since the 2017 exposure of Steinhoff fraud
Read more »
Spike in US teen suicides after Netflix '13 Reasons Why' release: studyThe suicide rate among US teenagers spiked in the months after the release of the controversial Netflix drama '13 Reasons Why', which follows the story of a high school girl who kills herself, a new study has found
Read more »
National Health Laboratory Service finally able to fire CEO and CFO'In September 2017, the suspended CEO and CFO failed in their application to the CCMA to set aside their suspension and/or to declare it unlawful.'
Read more »
Spike in US teen suicides after Netflix '13 Reasons Why' release: studyThe suicide rate among US teenagers spiked in the months after the release of the controversial Netflix drama 13 Reasons Why, which follows the story of a high school girl who kills herself, a new study has found.
Read more »
Boeing knew of 737 MAX safety system glitch year before deadly crashBoeing engineers identified a fault with a pilot warning system on its 737 MAX aircraft in 2017, a year before the deadly Lion Air crash, the company said Sunday.
Read more »
‘Exploited’ sergeants get R1000 back-pay in exchange for delayed promotionsNews | City Press has learnt that newly promoted sergeants in Gauteng received R1000 for not being promoted at the end of September 2017, by msindisifengu
Read more »
Demi-Leigh's sister has died: 'Our hearts are aching beyond measure'Former Miss South Africa and Miss Universe 2017, Demi-Leigh Nel-Peters revealed in an emotional post on Instagram that her younger sister, Franje has died.
Read more »