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Steinhoff accounting scandal sinks shares, CEO exits


By TJ StrydomJOHANNESBURG (Reuters) - Steinhoff International's shares crashed on Wednesday after it revealed accounting irregularities and its CEO quit, shocking investors who had backed the rapid reinvention of a South African furniture chain into an international retail empire.The company said late on Tuesday that "new information has come to light today which relates to accounting irregularities requiring further investigation" and that billionaire Christo Wiese, its largest shareholder and chairman, would take charge.Steinhoff said chief executive Markus Jooste, who had been at the helm ...

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First Published: Wed, December 06 2017. 18:58 IST