CAPE TOWN - Steinhoff International Holdings NV, the South African retailer will be selling it's Gulfstream G550 private jet in order to stay alive in light of the accounting scandal, according to Bloomberg.
The last recorded price tag of the jet is said to be $25 million.
The disclosure prompted a plunge in the share price of Frankfurt- and Johannesburg-listed Steinhoff, along with the resignation of Chief Executive Officer Markus Jooste and Chairman Christo Wiese. According to Bloomberg, Steinhoff said it’s seeking “significant near-term liquidity” for some of its business units. Steinhoff said it took delivery of the jet in April last year.
It was advertised by Global Jet, an operator of business aircraft, for $24.75 million in 2016. According to online flight logs, The plane, certified for 16 passengers, left Frankfurt on Dec. 3 to fly to South Africa and was last tracked in Cape Town on Dec. 7 reports Bloomberg.
The jet also made stops in Johannesburg, Vienna and Dublin last year. It’s registered with the U.S. Federal Aviation Administration. According to Bloomberg, Steinhoff, by email, confirmed plans to sell the jet but declined to comment further, saying all of its corporate information is being communicated via the Johannesburg Stock Exchange’s news service.
- BUSINESS REPORT ONLINE