Since Jooste's resignation the company has lost close to 80% of its value on the JSE.
The Minister of Finance, Malusi Gigaba, notes with grave concern the statement by Steinhoff International Holdings N.V., on Tuesday evening, with regard to accounting irregularities in its recent financial statements.
"There's no way back", deputy chairman of Sasfin Wealth in Johannesburg David Shapiro said.
Cape Town - The Frankfurt Stock Exchange, where global furniture retailer Steinhoff has its primary listing, said on Friday afternoon it was not considering halting the trade in Steinhoff's shares. The investigation has been a blow to the company and cost its main shareholder and one of the richest South Africans, Christo Wiese, his billionaire status.
Airline Crew Says They Saw North Korean Test Missile Re-Enter Atmosphere
The flights, one from San Francisco and the other from Los Angeles , were both headed for Incheon, the main airport serving Seoul, South Korea.
Steinhoff said Thursday that it's considering boosting liquidity by selling assets worth at least 1 billion euros and reviewing the recoverability of non-South African assets worth a further 6 billion euros.
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. 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.
"Should any instances of potential market abuse be reported or identified, the JSE will, in accordance with its regulatory duties and responsibilities, refer these to the Directorate of Market Abuse at the Financial Services Board", it said in a statement.
"I think it is the end", Simon Brown, Johannesburg-based chief executive officer of trading company JustOneLap.