Shares in global retailer crash almost 70% after CEO resigns

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In a statement to South Africa's Johannesburg stock exchange, the company said: "The supervisory board of Steinhoff wishes to advise shareholders that new information has come to light today which relates to accounting irregularities requiring further investigation".

Over near two decades Mr Jooste has overseen Steinhoff's expansion from a South African furniture manufacturer to one of the world's biggest household goods retailers. In November of that year, German authorities searched Steinhoff offices in the town of Westerstede and visited private homes as part of an investigation by prosecutors in the German town of Oldenburg (near where Steinhoff's European HQ is based) into four current and former managers.

The JSE says it's been talking to Steinhoff to find out the exact allegations against the global company after the furniture retailer shares plummeted.

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PSG Financial Services advised shareholders on Wednesday that its board of directors received and accepted the resignation of Jooste as a non-executive director of PSG Group and PSG Financial Services, with immediate effect. He and Jooste, 56, both own properties in the scenic wine country around Cape Town, alongside other notable South African businessmen including Whitey Basson, who ran retailer Shoprite Holdings for 37 years until earlier this year.

Well, Steinhoff employs around 3000 people as perhaps the biggest foreign investor in Australian retailing. Steinhoff SNHJ.J SNHG.DE said chief executive Markus Jooste, who oversaw its expansion to one of the world's largest household goods retailers over almost 20 years, had resigned and PwC would undertake an "independent investigation". Steinhoff's Markus Jooste has stood down after nearly 20 years in the job.

The company said in August that "no evidence exists" that Steinhoff broke Germany's commercial laws. The release of Steinhoff's 2017 results was postponed until the probe is over. Steinhoff stock closed down 63 percent in Frankfurt, while its bonds also sold off sharply.

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