Steinhoff fraud scandal: Was it all to boost share price?

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(Getty)
(Getty)

In September of 2010, furniture and household goods retailer Steinhoff's CEO Markus Jooste sat down for a CNBC interview to talk through another year of stellar earnings.

Relaxed and affable, Jooste discussed things such as the resilience of the group's central European consumers and its expansion plans. "As you know, the number one player in the world in this industry is Ikea," he said with a smile. "There is a wonderful target for us."

Steinhoff's earnings report for 2010 has been removed from its website. In the wake of the accounting scandal uncovered in late December 2017 that led to Jooste's sudden resignation, the group's historical reports were deemed worthless, and Steinhoff had to undertake a laborious multiyear process to "restate" its financials.

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