Investec profits could fall 3pc after scandal at Poundland owner Steinhoff

11 December, 2017, 14:05 | Author: Regina Silva
  • Investec profits could fall 3pc after scandal at Poundland owner Steinhoff

That was to participate in a share sale in conjunction with Steinhoff's acquisition of Mattress Firm and Poundland, according to a company statement.

The announcement comes after shares in Steinhoff plummeted last week with the firm's chief executive quitting as an investigation into accounting irregularities was opened, PA reports.

Steinhoff's shares fell by another 40 percent on Friday after Moody's cut its credit rating and raised concerns about the company's governance, deepening the South African retailer's problems and investor losses.

The giant household goods and clothing retailer experienced these losses in only two days against looming prosecutions that may stem from investigations by German investigators probing alleged accounting fraud. Steinhoff has said that was a tax case relating to whether revenues were booked correctly, and taxable profit correctly declared.

Wiese, a South African billionaire who's Steinhoff's biggest shareholder, is stepping up efforts to save the company, which owes creditors as much as $21 billion. A spokesperson for Wiese declined to comment.

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Shares in the company were 43 percent down at 5.61 rand and almost 40 percent lower in Germany.

Experts say such low tax rates can be the result of complex corporate structures which stretch accounting rules and such arrangements are occasionally challenged by courts as unlawful.

"Fedusa will meet the PIC over the Steinhoff meltdown in order to find ways of salvaging workers pensions managed by the PIC going forward", it said.

Last year, Wiese pledged 628 million of Steinhoff's shares in collateral to borrow money from Citigroup Inc, HSBC Holdings Plc and Nomura Holdings Inc.

In a note to clients today, analysts at Numis Securities placed their rating and target price for Investec "under review" and said they expect to downgrade their forecasts to reflect the Steinhoff exposures.

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