Troubled South African retailer Steinhoff said on Wednesday it had raised 4.8 billion rand ($332 million) from the sale of its 26 percent stake in KAP Industrial to pay off debt and shore up its finances.
The suspended former chief financial officer of Steinhoff is helping authorities with investigations into $7 billion-plus (5.3 billion pounds) accounting fraud at the South African retailer, he said on Thursday.
South African retailer Steinhoff said an independent report had found it had overstated profits over several years in a $7.4 billion accounting fraud involving a small group of top executives and outsiders.
South African retailer International Holdings N.V. said on Tuesday a former partner firm of its European operations claims it is owed about 291 million euros (£256.62 million or $331 million) by the company.
Poundland has received a big boost from its major move into the clothing sector and despite the problems at its South African parent company, its fourth quarter (the period to September 30) and full-year were strong.
Steinhoff International Holdings , now expects to publish its group audited financial statements for 2017 and 2018 by mid-April 2019, as an investigation by auditors PwC has been delayed, the retailer said on Thursday.