Poundland owner Steinhoff sees its shares crash by 60%

Poundland owner Steinhoff International has seen its shares fall 60% after it said it would launch a probe into accounting irregularities. Its South African shares hit a seven-year low of 17.56 rand on the Johannesburg securities exchange. Steinhoff derives about 60% of its earnings in Europe and 34% in Africa. Who are Steinhoff International?Headquartered in South Africa from German origins. "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," the group said in a statement.

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