South African Authorities Launch Investigation Into Steinhoff International

Steinhoff implosion staggers SA

Steinhoff also said its African unit will formally commit to refinancing its long-term liabilities owed to the company, boosting liquidity further.

The worldwide furniture and household goods retailer, with operations in the United States, Asia, Europe, Australia and New Zealand, saw its value plummet by two-thirds on Wednesday, wiping out an estimated R180-billion from the JSE.

PWC has started investigations into accounting irregularities at Steinhoff, the South African retailer said on Friday.

"There's no way back", deputy chairman of Sasfin Wealth in Johannesburg David Shapiro said.

Steinhoff has its roots in South Africa and has expanded aggressively around the world with a series of acquisitions, including Mattress Firm and Poundland, and now has 130,000 employees worldwide. He hasn't yet responded to requests for comment.

Steinhoff said earlier this week its CEO Markus Jooste had resigned and that it had asked for an investigation into the discrepancies, triggering a heavy sell-off in its shares.

Steinhoff International Holdings NV extended Wednesday's record plunge in the wake of an accounting scandal and said it planned to raise at lease 1 billion euros ($1.2 billion) from an asset sale to boost liquidity. The retailer has scheduled a meeting with the lenders of two of its syndicated debt facilities for Monday, according to three people familiar with the matter.

"The minister is mindful that many retirement and savings funds may be adversely affected by the loss in the value of Steinhoff shares; therefore, members of retirement funds should be reassured that current regulations limit the extent to which any one fund may be invested in any one company".

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