The Trader 

Market Outlook: Steinhoff stunner

The Trader

Tuesday night CEO of Steinhoff, the South Africa based Frankfurt listed retail conglomerate which owns Poundland in the UK, resigned with immediate effect because of accounting irregularities.  Chairman Christo Weise, its biggest shareholder and one of a handful of the nation’s richest men, will take charge temporarily while PwC investigates criminal and tax issues dating back to 2015.  Shares in the firm slumped by 72 per cent at one point yesterday, Bloomberg reports.  They also say that €800 million 2025 bonds issued by the firm dropped from 90 cents in the euro at the beginning of this month to a low of 42 cents yesterday.  The European Central Bank owns rather a lot of these.  

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