Steinhoff to restate 2015 results

WEB_PHOTO_Steinhoff_081217

The Steinhoff logo. Steinhoff's share price has gone into precipitous decline following the disclosure of financial irregularities.

The Steinhoff logo. Steinhoff's share price has gone into precipitous decline following the disclosure of financial irregularities.

WEB_PHOTO_Steinhoff_081217

The Steinhoff logo. Steinhoff's share price has gone into precipitous decline following the disclosure of financial irregularities.

The Steinhoff logo. Steinhoff's share price has gone into precipitous decline following the disclosure of financial irregularities.

JOHANNESBURG - Scandal-hit retail giant Steinhoff says it will have to restate its 2015 results.

The announcement underscores the extent of the accounting scandal that wiped billions of dollars off the company&39;s market value.

Steinhoff has delayed its 2017 annual results, also saying its 2016 results could no longer be relied upon after discovering what it called accounting irregularities.

READ: Steinhoff CEO quits over accounting irregularities

The South African firm, which also operates in the US and Europe saw its shares plunge by 87 percent since the scandal broke last month.

Former CEO Markus Jooste immediately resigned as aggrieved shareholders and fund managers demanded investigations.