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JOHANNESBURG - German prosecutors in the city of Oldenburg say that a criminal team is continuing to examine documents seized in their investigation into Steinhoff, saying they are concentrating on alleged overstated revenues at various subsidiaries.

About R183 billion of value was wiped off the JSE following allegations of financial irregularities at the furniture retailer.

The company lost over 63% on the JSE on Wednesday.

Steinhoff International is listed on the JSE and in Germany with the fallout continuing following the resignation of CEO Markus Jooste.

Portfolio manager at Ashburton Investments Wayne McCurry says: “If it was just a case of incorrect interpretation of a few accounting things and maybe there was a small settlement that had to be paid because things were incorrectly classified, then there’s no way the CEO and CFO would have resigned.”

German prosecutors say four current and former managers are under investigation.

There are concerns that the group's total assets may have been overstated, with the release of the company's full year results now suspended.

The share prices of a number of subsidiaries and related companies have been affected.

(Edited by Shimoney Regter)

This article first appeared on EWN : German authorities continue probe into Steinhoff International

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