Steinhoff Supervisory Board Member Resigns

02/02/18 10:29 AM EST

By Dimitrios Kontos

 

Steinhoff International Holdings NV (SNH.JO) said that Thierry Guilbert stepped down Friday as a member of its supervisory board with immediate effect, citing other executive commitments.

The South African retailer said that a number of candidates are being considered for the supervisory board, which continues to keep the governance of the group under review.

In December, Steinhoff hired accountancy firm PwC to conduct an independent investigation into the accounting irregularities.

The company has since said that it needs to restate its 2015 and 2016 financial results, and has yet to release its 2017 results.

The Johannesburg Stock Exchange, South Africa's Financial Services Board, the Department of Trade and Industry and the Companies and Intellectual Property Commission are all investigating Steinhoff.

The company is also facing a probe in Germany, where it moved its primary listing to in late 2015, amid allegations management used off-balance-sheet entities to hide losses in its operations and artificially pump up its valuation.

 

Write to Dimitrios Kontos at dimitrios.kontos@dowjones.com

 

(END) Dow Jones Newswires

February 02, 2018 10:29 ET (15:29 GMT)

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