£104m Steinhoff loss

JP MorGAN lost £104m on a loan to the billionaire behind collapsing retail empire Steinhoff International.

Steinhoff ’ s value has plummeted 89pc since late November, when it unveiled a huge accounting scandal. The Wall Street bank was one of several major lenders which handed over a total of £1.4bn to Steinhoff’s chairman Christo Wiese in 2016, which was secured against his share holding that is now worth far less.