April 20, 2018 / 12:16 PM / a year ago

Steinhoff acting chairman: good progress made on the accounting irregularities

AMSTERDAM (Reuters) - The acting chairman of Steinhoff (SNHJ.J), Heather Sonn, told shareholders on Friday the company had made “good progress on the accounting irregularities” which led the South African retail group to overstate income and asset values.

In a presentation to shareholders, Steinhoff also said an investigation into the company is expected to be completed by the end of the year.

The inquiry had already “confirmed a pattern of transactions undertaken over a number of years across a variety of asset classes that led to the material overstatement of income and asset values at the group”, it said.

Steinhoff’s accounting problems stretch back to at least the 2015 financial year, it has said. It has asked auditors PwC to get to the bottom of the problems.

Reporting by Toby Sterling; Writing by Anthony Deutsch; Editing by Susan Fenton

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