Steinhoff International [JSE:SNH] moved to appoint insolvency expert Paul Copley to its supervisory board as the troubled global retailer seeks to strengthen management and add expertise following an accounting scandal.
A former partner at PwC, Copley worked as an administrator of Lehman Brothers, one of the highest-profile corporate collapses of the financial crisis of 2008. Hes currently chief executive officer of Reykjavik, Iceland-based Kaupthing EHF, the restructured successor of Icelandic Bank that was also bailed out in the credit crunch.
Steinhoff shares have plunged more than 95% since the owner of Conforama in France and Mattress Firm in the US reported a hole in its accounts in December, raising questions about its abi…
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