German prosecutors said they could not estimate when they will be able to conclude their investigation into suspected accounting fraud at furniture retailer Steinhoff International because of the extent of the probe.
Criminal investigators were currently reviewing documents and data seized during raids, the prosecutors’ office in the German city of Oldenburg said in a statement on Wednesday.
“A conclusion is currently not foreseeable due to the extent of the proceedings,” it said, adding that four current and former managers were under suspicion of having overstated revenues at subsidiaries.
The group’s total assets may also have been overstated as a result, it said.
Shares in Steinhoff lost more than half their value on Wednesday after the furniture retailer said it would launch an investigation into accounting irregularities, its chief executive resigned and it postponed full-year results.