ECB sells Steinhoff’s bond after accounting scandal


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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