The Johannesburg Stock Exchange (JSE) has decided not to suspend furniture giant Steinhoff, despite almost R200-billion of the company's market value disappearing following allegations of financial irregularities.
In a series of tweets, the JSE said it had come to the decision after considering "all the facts and information at [their] disposal".
The JSE added, however, that it has asked Steinhoff for details regarding the financial irregularities "as a matter of urgency".
MoneyWeb reported on Thursday that the company released a statement revealing a figure on the "investigation, validity and recoverability of certain non-South African assets of the company which amount to circa €6-billion". That equates to almost R100-billion.
Steinhoff's share price plunged 60% when the local markets opened on Wednesday –– on the news that its CEO, Markus Jooste, one of the country's most celebrated business barons and a favourite in Stellenbosch social circles, had resigned because of questions about the company's financial reporting.