December 12, 2017 / 9:08 AM / Updated an hour ago

South Africa's trade department, company regulator to probe Steinhoff

JOHANNESBURG (Reuters) - South Africa’s Department of Trade and Industry and the Companies and Intellectual Property Commission said on Tuesday they would investigate whether retailer Steinhoff had breached domestic company laws.

South African magnate Christo Wiese, whose companies include Steinhoff and investment heavyweight Brait, gestures during an interview in Cape Town, South Africa, September 27, 2016. REUTERS/Mike Hutchings

Steinhoff has been rocked by an accounting scandal that has wiped off billions of dollars off its market value.

Reporting by Ed Stoddard; Editing by Tiisetso Motsoeneng

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