According to Wikipedia, “Steinhoff International is a South African international retail holding company that is dual listed in Germany. Steinhoff deals mainly in furniture and household goods, and operates in Europe, Africa, Asia, the United States, Australia and New Zealand.” However, the stock chart tells us so much more about Steinhoff (SNH).
According to the Financial Times:
“…investigators are focusing on ‘certain off-balance sheet structures and transactions, including those with certain closely related parties’, and mostly involve Steinhoff's ‘central European’ business (Mark Vandevelde, Joseph Cotterill, and Dan McCrum. “Focus shifts to lending units in Steinhoff investigation”. Financial Times. London. April 9, 2018. page 15.).”
In this instances, it appears that an off-balance sheet vehicle has contributed to the insurmountable losses of a once thriving retail empire.
