Stellenbosch, South Africa – Steinhoff International, has received offers for non-core assets and asserted currently ‘there is no evidence… that CFO Ben La Grange had any involvement’ in events leading up to the current financial investigation.
Steinhoff disclosed on 5 December it was indefinitely delaying its financial results announcement for 2017 as independent auditors examined it accounts and that CEO, Markus Joost, had resigned.
In a statement issued on 7 December, the firm said that it has been investigating the ‘validity and recovery of certain non-South African assets… which amount to circa EUR 6bn.’
It also announced that it had received offers of EUR 1 bn for non-core assets and that its Steinhoff Africa Retail Limited (STAR) business would refinance its long-term liabilities on better terms, because of STAR’s strong cash flow.
The firm expects refinancing and the sale of non-core assets will raise EUR 2 bn which will be used to strengthen the balance sheet, fund existing operations and reduce debt.
La Grange has resigned as CFO of STAR to concentrate on his role as CFO of Steinhoff, the firm added.
According to Forbes, which profiled Joost in 2015, at that time Steinhoff was the second-largest furniture retailer in Europe.