Distribution: Steinhoff in turmoil

Suspicion of embezzlement, resignation of the general manager, collapse of share price … This is the debacle for the distribution group of South African billionaire Christo Wiese, who had yet started on December auspiciously with the takeover of the chain of ShopRite supermarkets.

No more for the Steinhoff group. Barely a week after the South African retail giant announced it has materialized its rapprochement with the African leader ShopRite , consolidating its position on the continent, here he goes on the bad news.

On December 6, the supervisory board announced both the resignation with immediate effect of the Group CEO Markus Jooste, who held office since 2000, and the deepening of an internal investigation “in connection with accounting irregularities “. According to German media, a judicial inquiry is also underway since 2015 for the same reasons … More to read please click here