Global banks have billions at risk as Steinhoff scandal deepens

Steinhoff, listed in Frankfurt and Johannesburg, has lost more than 80% of its market value in the three days since the company started a probe into accounting irregularities

US and European banks and creditors, some of whom are meeting with Steinhoff International Holdings NV on Monday, are among creditors with billions in exposure to the global retailer whose asset value has plummeted amid an accounting scandal.
 
Total exposure to lenders and other creditors was almost 18 billion euros ($21 billion) as of the end of March. Long-term debt was 12.1 billion euros and short-term debt 5.87 billion euros, its first-half earnings statement shows. Those are the most recent Steinhoff results available after it indefinitely postponed publishing full-year financials on Wednesday.
 
“The great unknown is the funding