Namibia Exposed to Steinhoff Scandal

13 December 2017

NAMIBIAN insurance companies and pension funds that invested in South African retail giant Steinhoff could lose billions of dollars in the wake of the unfolding accounting scandal that has rocked financial markets.

Steinhoff's share price fell 87% over the past few days following an announcement on 4 December that the company would release unaudited statements because the Steinhoff supervisory board had not yet finalised its review of matters relating to a tax investigation in Germany.

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