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Steinhoff scandal wipes out $12 bn of shareholder value

The PIC, which manages civil servants' pension funds, said in a statement it holds around 10 percent of Steinhoff's stock


Shocked Steinhoff shareholders have wiped more than $12 billion off its value since it revealed "accounting irregularities" and parted ways with its chief executive, in a dramatic fall from grace for the South African retailer. Once a must-have for investors who backed its reinvention as a retail empire including brands such as Mattress Firm and Poundland under veteran CEO Markus Jooste, Steinhoff shares fell by 43 percent on Thursday, compounding the previous day's more than 60 percent fall. This collapse leaves South African tycoon Christo Wiese, Steinhoff biggest ...

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First Published: Thu, December 07 2017. 22:12 IST