Steinhoff CEO quits over accounting irregularities

Photo_Web_Markus_Jooste_290517

File: Steinhoff CEO Markus Jooste is under investigation for corruption.

File: Steinhoff CEO Markus Jooste is under investigation for corruption.

Photo_Web_Markus_Jooste_290517

File: Steinhoff CEO Markus Jooste is under investigation for corruption.

File: Steinhoff CEO Markus Jooste is under investigation for corruption.

JOHANNESBURG - Steinhoff International Chief Executive Officer (CEO) Markus Jooste resigned on Tuesday with immediate effect.

The move comes amid an investigation into accounting irregularities at the German firm, which is based in South Africa and is listed on the Johannesburg Stock Exchange.

READ: Steinhoff CEO probed for corruption

The global furniture and clothing retailer reported irregularities in its accounts that prompted a probe but the nature of the irregularities remain unclear at this stage.

It is being reported Steinhoff did not tell investors about transactions amounting to nearly $1 billion (R13,5-billion).

READ: Steinhoff maintains good sales momentum

The company has asked PWC to conduct an independent investigation into the matter.

South African billionaire Christo Wiese will take over on a temporary basis.