FRANKFURT - Steinhoff International said on Tuesday a Dutch court ordered the company to amend its 2016 accounts following a dispute with a former joint venture partner over the ownership of furniture store chain POCO.
The Enterprise Chamber of the Amsterdam Court of Appeals ruled that Steinhoff must change in its accounts the treatment of POCO to a 50 percent controlling interest from 100 percent, Steinhoff said.
“The company is in the process of studying the judgement (including whether it provides grounds for appeal) and considering the impact of the decision on the Group’s accounts and will update shareholders in due course,” the South African retail group said.
The case predates the group’s admission in December that it had found “accounting irregularities” - an admission that helped to wipe out about 85 percent of its market value.