#Steinhoff, A STAR South African Company Hits Troubled Times

Steinhoff Africa Retail (STAR), a retailer servicing sub-Saharan Africa operating across several sectors, and listed on the Johannesburg Securities Exchange, is this week facing allegations of accounting irregularities which prompted its Chief Executive Officer Markus Jooste to resign. Steinhoff's leadership is now being led by the third wealthiest South African, billionaire Christo Wiese, even as he reportedly lost half of his personal wealth in a day in the Steinhoff share nosedive. The company acquired the services of Price Waterhouse Coopers to investigate the allegations. Wiese has since resigned from the company's supervisory board.

Steinhoff International CEO Markus Jooste resigned with immediate effect after the retail giant's admission of financial irregularities that led to an investigation, and a drop of more than 60% in its shares.

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