Steinhoff's troubles continue


File: Steinhoff share prices plummeted over 60 percent following the resignation of CEO Markus Jooste amid a probe into alleged accounting irregularities.

JOHANNESBURG – Corruption-hit retailer Steinhoff were trading down about 18 percent on Tuesday afternoon as the company’s troubles continue.

The European Central Bank (ECB) sold off its Steinhoff bonds to rid itself of interests in the company.

The ECB did not say who bought the bonds or what price it sold them for.

READ: Steinhoff scandal points to major gaps in stopping unethical corporate behaviour

Steinhoff bonds have lost about half their value in the wake of the accounting corruption scandal in December. 

The share closed at R7,52 on Tuesday.

This is about 80% weaker than they were on December 5, the day before the group&39;s CEO Markus Jooste resigned amid corruption allegations.

In December, ratings agency Moody’s downgraded the company’s bonds to junk status with a review for a further downgrade because of liquidity concerns at Steinhoff.