May 18, 2020 / 1:00 PM / 10 days ago

South African retailer Steinhoff Chairwoman Heather Sonn resigns

May 18 (Reuters) - Steinhoff said on Monday Chairwoman Heather Sonn has stepped down after it was revealed that she had not made proper disclosures on transactions between an investment firm in which she was a major shareholder and a company associated with the South African retailer.

Vice chairman Peter Wakkie said that a new appointment would be made shortly and it was important to note that Sonn had “in no way been found to have participated in the accounting irregularities at Steinhoff”.

The company said investigations dating back about two years showed that investment firm Gamiro Ventures was involved in transactions with a company called Geros Financial Services, which may have been indirectly funded by Steinhoff.

“Based on what is now known to me it (the transaction) would have required certain disclosures which I would have made had I been aware thereof,” Sonn said.

Reporting by Pushkala Aripaka in Bengaluru; Editing by Shinjini Ganguli

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