Steinhoff tycoon quits

THe chairman of embattled Poundland owner Steinhoff has quit amid a major accounting scandal.

South African retail tycoon Christo Wiese, 76, who also owns 23pc of the firm, wanted to reinforce independent governance of the company, bosses said.

Steinhoff is fighting for survival after shares plunged more than 80pc last week and its credit rating was slashed.

It came after it delayed its financial results, announced a probe into its accounts and said it may restate previous financial statements. It is now being investigated in Germany over accounting irregularities.

The resignation follows last week’s exit of chief executive Markus Jooste.