2017 has been a huge year for the retail industry. Some of the largest deals set to dictate the direction of various sectors over the next year were made, while giants no-one expected to see falter struggled to keep their heads above water. STEINHOFF’S ACCOUNTING SCANDAL It seems a large portion of this year’s big news was saved until the end of the year.
Steinhoff’s accounting scandal has now seen its share prices drop 88 per cent, forcing the retail giant to shore up debt and recover assets.
Poundland parent company Steinhoff International has seen its shares plummet 66 per cent as chief executive Markus Jooste resigned with immediate effect amid an accounting scandal. The South African company has also postponed its full-year results, which were meant to be released today
The trial of three former Tesco executives over the £326 million accounting scandal in 2014 is due to start today. The grocer’s former UK boss Chris Bush, former finance director Carl Rogberg and former commercial director John Scouler – were charged last year with offences including false accounting and fraud by abuse of position. The trio, who have all pleaded not guilty, are due to stand trial at Southwark Crown Court today