Receive up-to-the-minute news updates on the hottest topics with NewsHub. Install now.

Investec bleeds R220m on Steinhoff exposure

17 May 2018 8:26 AM
31 0
Investec bleeds R220m on Steinhoff exposure

Johannesburg – Investec Bank [JSE:INP] lost R220m as a result of credit exposure to Steinhoff, the company said on Thursday, as it released financial results for the year ended March 31.

Investec said the credit exposures, through Steinhoff Africa Retail, "represent a small portion [of] the group’s balance sheet".

In December, Investec said in a statement that its loans to Steinhoff represented less than 0.25% of its total R464.8bn credit exposure as at September 30.

Steinhoff shares have plunged more than 95% since it reported irregularities in its accounts in December, valuing the business at about R8.85bn.

The firm is facing various investigations in South Africa and abroad, as regulatory bodies and investors demand accountability from its directors.

"Based on the information currently available to the group, Investec is not expecting to suffer any losses on these exposures," Investec said in a statement.

Source: fin24.com

Share in social networks:

Comments - 0