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ECB sells Steinhoff bond at loss after scandal

Reuters  |  FRANKFURT 

By Francesco CanepaFRANKFURT (Reuters) - The European Central Bank sold its bonds of scandal-hit South African retailer Steinhoff last week, data showed on Monday, potentially losing more than half the amount it had invested.Steinhoff, the owner of brands such as Conforama and Poundland, revealed "accounting irregularity" last month. The news pummelled its shares and bonds and revived worries about ECB's purchases of company debt under its stimulus programme.The ECB was facing the risk of having its investment, a small item in its 2.55 trillion euros ($3.05 trillion) scheme, wiped out or ...

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First Published: Mon, January 08 2018. 22:43 IST