South Africa’s civil servants union has teamed up with the government pension fund to pursue Steinhoff for around $1.4 billion of pensioners’ money lost as a result of an accounting scandal at the troubled retailer.
Ben la Grange on Thursday stepped down as chief financial officer and as a management board member of Steinhoff "to focus on the preservation and procurement of liquidity in the group", the South African retailer said.
Steinhoff said on Tuesday it had started to lose credit lines from lenders and was still unable to determine the scale of accounting irregularities which have wiped more than $10 billion off its market value.
South African retail group Steinhoff , which is fighting for survival following its disclosure of accounting irregularities, said tycoon and major shareholder Christo Wiese has stepped down as chairman.
South Africa's Steinhoff is considering selling stakes worth a combined $1.4 billion (1.1 billion pounds) in local companies PSG Group and KAP Industrial to help plug a liquidity gap at the retailer, sources said.