Steinhoff International Holdings Appoints Chief Restructuring Officer

02/15/18 10:42 AM EST

By Dimitrios Kontos


Steinhoff International Holdings NV (SNH.JO) has appointed Richard Heis as chief restructuring officer, it said Thursday.

Mr. Heis has 25 years of experience in restructuring complex international groups, the South African company said.

The company had said in January that it needed to appoint an external independent debt-restructuring expert to assist with matters related to releasing its audited 2017 financial statements.

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

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


(END) Dow Jones Newswires

February 15, 2018 10:42 ET (15:42 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.