ECB sells Steinhoff’s bond after accounting scandal

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FRANKFURT (Reuters) – The European Central Bank has sold its bonds of scandal-hit South African retailer Steinhoff (SNHJ.J), data showed on Monday, potentially suffering a loss of up to 55 percent on that investment.

Steinhoff, the owner of more than 40 multinational retail brands including Conforama, Mattress Firm and Poundland, revealed “accounting irregularity” last month along with the immediate departure of its chief executive.
Steinhoff International Holdings NV868.0

Its latest bond was worth as little as 45 percent of the value at which it was issued late last July, when the ECB bought it as part of its stimulus program.

It no longer features on a list of credit holdings published on Monday by the ECB.

Reporting By Francesco Canepa; Editing by Balazs Koranyi

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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