Steinhoff International crisis to affect SA negatively

Date: Dec 7, 2017

Portfolio manager at Old Mutual Investment Group, Peter Brooke say there are concerns that what is happening at furniture chain Steinhoff International will negatively affect South Africa's assets.

Brooke says the situation has also raised serious questions about South African corporate governance.

Steinhoff International's shares crashed on Wednesday after it revealed accounting irregularities and its CEO quit.

This has shocked investors who had backed the rapid reinvention of Steinhoff to an international retail empire.

Financial strategist Nerina Visser says the situation at Steinhoff International is unprecedented and is likely to affect other companies.

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