Steinhoff disclosed the hole in its accounts in December 2017 which shocked investors and wiped more than 200 billion rand off its stock market value.
Steinhoff will struggle to turn a profit in coming years despite strong turnover as it restructures following an accounting scandal.
South African retailer Steinhoff reported a $401 million half-year loss from continuing operations on Friday, as the damage from a massive accounting scandal drags on.
Steinhoff International said on Tuesday it had started legal proceedings against former Chief Executive Markus Jooste and ex-finance chief Ben La Grange to recover certain salary and bonus payments they got prior to 2017.
Billionaire Christo Wiese says he was on the verge of losing everything in the Steinhoff scandal.
Steinhoff has repeatedly delayed publication of its accounts after a $7.4 billion accounting fraud that stunned investors.
The lawsuit, brought in the Netherlands, was aimed at compensating investors for more than 14 billion euros ($16 billion).
The suspended former chief financial officer of Steinhoff is helping authorities with investigations.
“In recent weeks, the South African Government, business community, philanthropists and society at large have shown remarkable unity in a joint effort to protect our country against the impact of COVID-19,” writes FNB Chief Executive Officer, Jacques Celliers.
President Muhammadu Buhari says he has directed the Minister of Industry, Trade and Investment to work with the Manufacturers Association of Nigeria to ensure that all production of essential items such as food, medical and pharmaceutical products continues unhindered. Mansur Ahmed, President of the Manufacturers Association of Nigeria joins CNBC Africa for more.
CNBC Africa spoke to Neels Barendrecht, Chairman of Agility Holdings and Director of Agility Risk Solutions in Singapore on his journey of self-isolation and working from home, Neels travelled to Singapore before the pandemic saw travel bans and the national lockdown and he shares tips on how to work effectively from home and taking the correct steps to self-isolation.
Tim Adams, CEO of the Institute of International Finance, says sovereign and corporate debt levels "are going to explode" because of the coronavirus crisis.
One of the businesses that will be hugely impacted by the COVID-19 lockdown is the franchise industry. Restaurant owners, beauty spa’s and chain businesses that are not essential suppliers have effectively been closed since Friday the 27th of March and will remain closed without staff, customers and supply until the lockdown is lifted. So how will the lockdown and slowdown in foot traffic hurt the South African franchise industry in 2020? Vera Valasis, Executive Director of the Franchise Association of South Africa joins CNBC Africa for more.