Steinhoff's former CEO, Markus Jooste, told a parliamentary inquiry investigating an accounting scandal at the retailer that he was not aware of any accounting irregularities when he left the firm in December.
Steinhoff reported a slight increase in nine-month sales on Friday as its managers remained pre-occupied with cleaning up after an accounting fraud that nearly tipped the South African retailer into bankruptcy.
Steinhoff’s board will meet over the next two days to discuss asset sales to boost cash flow and pay down debt, its chairwoman said on Wednesday, months after creditors of the South African retailer threw it a lifeline.
Retailer Pepkor Holdings Ltd, previously known as Steinhoff Africa Retail (STAR), on Tuesday reported a 13.8 percent rise in group revenue for the nine months to the end of June, as its low prices attracted shoppers.
Steinhoff said on Thursday that around 90% of creditors for several subsidiaries supported an agreement to hold off debt claims for three years, an important step in restructuring the scandal-hit South African retailer.
Steinhoff extended for a second time on Wednesday the “early bird fee” deadline for creditors to sign a three-year agreement to hold off their debt claims, as the South African retailer battles to stay afloat.
South African retailer Steinhoff, said on Wednesday it had begun a process with creditors for a “lock-up agreement”, which once completed could allow the restructuring of huge debts within three months.