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Posted 2017-12-06 09:37:48  
Leading racehorse owner Jooste Quits As Steinhoff CEO

Leading South African and international racehorse owner Markus Jooste has quit his position from his world famous company, Steinhoff. The tycoon has detailed investments in South African Horseracing and breeding including a Stud farm, a sales company, stallions and mares. He also supports numerous trainers with his horses. Here's the full report. 

Business Day reports that Steinhoff International CEO Marcus Jooste resigned on Tuesday night, and the release of the company's full-year results - originally scheduled for Wednesday - has been delayed indefinitely.

Its share price crashed 61% to R17.56 shortly after the JSE opened at 9am from Tuesday's R45.65 closing price.

The group’s chairman, retail tycoon Christo Wiese, alongside former Pepkor CEO Pieter Erasmus, will run Steinhoff until a new CEO is appointed, a statement issued at 10.45pm on Tuesday night said.

“The supervisory board of Steinhoff wishes to advise shareholders that new information has come to light today which relates to accounting irregularities requiring further investigation,” the statement said.

“The supervisory board, in consultation with the statutory auditors of the company, has approached PwC to perform an independent investigation.”

Jooste had tendered his resignation with immediate effect, and the board had accepted it, Tuesday night’s statement said.

Jooste, who had been with Steinhoff since 1988 and was CEO of Steinhoff International since 2000, was credited with growing the South African furniture manufacturer and retailer into Europe's second-largest player, behind Ikea, via a string of acquisitions including France's Conforama chain.

The group’s share price has fallen 18.2% from Friday’s closing price of R55.81 to R45.65 on Tuesday after warning shareholders on Monday its results would not be signed by its auditors.

“The supervisory board and the statutory auditors of the company have not yet finalised their review of certain matters and circumstances, most of which were raised by the criminal and tax investigation in Germany, as previously reported,” Monday’s statement said.

Steinhoff said on Tuesday its results for the year to end-September would be released “when it is in a position to do so”.

It warned shareholders it may have to restate past financial statements. 

BusinessDay

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