Reports: Steinhoff bought forests at inflated prices

JOHANNESBURG: A company linked to executives of Steinhoff International Holdings NV bought South African forestry plantations in 2001 and then sold them to the retailer three years later for more than five times their original value, documents show.

Steinhoff, which plunged 96% after disclosing accounting irregularities and chief executive officer Markus Jooste quit in December, commissioned PricewaterhouseCoopers LLP (PwC) to investigate its finances and has said restatements may have to go back to at least 2015.