Steinhoff and STAR Reshuffle Boards Among Accounting Investigation

The Supervisory Board of Steinhoff has advised shareholders that information has come to light which relates to accounting irregularities requiring further investigation. The Supervisory Board, in consultation with the statutory auditors of the Company, has approached PWC to perform an independent investigation.

Markus Jooste, CEO of Steinhoff has tendered his resignation with immediate effect and the Board has accepted the resignation.

Steinhoff will update the market as the aforesaid investigation proceeds. The Company will publish the audited 2017 consolidated financial statements when it is in a position to do so. In addition, the Company will determine whether any prior years’ financial statements will need to be restated.

The Supervisory Board has appointed its Chairman, Dr Christo Wiese, as Executive Chairman (Delegated Supervisory Chairman) on an interim basis. In addition, Pieter Erasmus, the previous CEO of Pepkor Group, has agreed to join Dr Wiese in an executive advisory capacity to assist with managing the group’s various retail interests around the world. Dr Wiese and the Board will supplement the management team and will embark on a detailed review of all aspects of the Company’s business with a view to maximising shareholder value.

Jooste also resigned from the STAR board with immediate effect. In light of these developments at Steinhoff, STAR’s existing CEO, Ben la Grange has decided to step down as CEO of STAR. The Board of STAR has requested him to remain as a non-executive director of STAR, which he has agreed to do. The Board furthermore announced that the current COO of the Company, Leon Lourens has been appointed to the Board and has furthermore been appointed as CEO of STAR with immediate effect.

The board brings shareholder’s attention to the recent release of its audited results for the year ended 30 September 2017 and confirms that STAR is unaffected by the events at Steinhoff.

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