Not possible to say when Steinhoff probe will end: German prosecutors
FRANKFURT, Dec 6 (Reuters) - German prosecutors said they
could not estimate when they will be able to conclude their
investigation into suspected accounting fraud at furniture
retailer Steinhoff International because of
the extent of the probe.
Criminal investigators were currently reviewing documents
and data seized during raids, the prosecutors' office in the
German city of Oldenburg said in a statement on Wednesday.
"A conclusion is currently not foreseeable due to the extent
of the proceedings," it said, adding that four current and
former manager were under suspicion of having overstated
revenues at subsidiaries.
The group's total assets may also have been overstated as a
result, it said.
Shares in Steinhoff lost more than half their value on
Wednesday after the furniture retailer said it would launch an
investigation into accounting irregularities, its chief
executive resigned and it postponed full-year results.
(Reporting by Ludwig Burger; Editing by Victoria Bryan)
First Published: 2017-12-06 12:57:25
Updated 2017-12-06 13:25:26
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