Farhadian Farhadian

Record fine for Steinhoff

The German financial regulator Bafin has imposed a fine of 11.29 million EUR on the Steinhoff retail group, which until 2018 included the Poco and Kika / Leiner furniture store chains. The South African furniture group, which has German roots and is headquartered in Amsterdam, had not submitted its Dutch holding company's annual report for 2016/17 until mid-2019, following an accounting scandal in 2017. In addition, Bafin said in a statement, Steinhoff had not published shareholder voting rights notifications in time. The failures are now expected to cost the group the highest fine the authority has ever imposed in securities supervision for breaches of publication obligations. Steinhoff can still protest against the fine.

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