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German prosecutors investigate Steinhoff CEO - Manager Magazin
August 24, 2017 / 8:33 AM / a month ago

German prosecutors investigate Steinhoff CEO - Manager Magazin

FRANKFURT, Aug 24 (Reuters) - German prosecutors are investigating Steinhoff CEO Markus Jooste and some other senior managers at the furniture retailer in connection with suspected accounting fraud, monthly Manager Magazine reported, citing no sources.

It said on Thursday prosecutors in the northern German city of Oldenburg, near where Steinhoff’s European business is based, have since 2015 been looking into whether revenues had been inflated in the South African retail group’s books.

Steinhoff did not immediately respond to a request for comment. The Oldenburg prosecutors office had no immediate comment.

Steinhoff’s German-listed shares dropped to a record low and were down 5.7 percent to 3.99 euros at 0812 GMT. Its Johannesburg-listed stock was down around 9 percent.

Tax investigators searched the German offices of Europe’s second-largest furniture retailer after IKEA late in 2015, sending the company’s stock lower.

The company said at the time that authorities were reviewing the balance sheet treatment of certain transactions involving transfers of participations and intangible assets between its European business and third parties. (Reporting by Maria Sheahan; Additional reporting by Jan Schwartz and Tiisetso Motsoeneng; Editing by Mark Potter)

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