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Shares in Steinhoff plunged as much as 13 per cent on Thursday morning amid a snowballing accounting scandal at the troubled discount retail group.

Steinhoff said on Wednesday that issues discovered in its latest financial accounts also extended to its 2016 accounts.

“The 2016 consolidated financial statements will need to be restated and can no longer be relied upon”, it said in a statement.

The South African group, which has a primary listing in Frankfurt and secondary listing in Johannesburg, said investigations into previous financial years were ongoing, and Wednesday’s announcement was “made on the basis of the information that has been made available and analysed to date”.

Steinhoff has now lost nearly 90 per cent of its value this year — and more than 80 per cent since the start of the month in a dramatic fall from grace.

Read more: Steinhoff fights to survive amid questions over assets and debt

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