On Monday‚ the JSE said it had launched an investigation to determine if embattled Steinhoff International had breached its listing requirements. This included any breaches in relation to previous financial disclosures the company had made to the public.

Steinhoff has been rocked by an accounting scandal‚ which wiped off as much as R215bn of its market value in the space of a week.

The local bourse operator also said in the statement it would stick to its original decision not to suspend trading in Steinhoff shares‚ indicating that the company had disclosed as much price sensitive information as it was able to.

Another reason for not suspending the shares was that investors trading on the JSE would be disadvantaged since Steinhoff was not suspended on the Frankfurt Stock Exchange‚ where it has its primary listing.

To help restore investor trust‚ Steinhoff took measures to strengthen corporate governance‚ through appointing a board subcommittee.

The company also appointed US investment bank Moelis & Company and management consultants AlixPartners on Sunday.

Moelis will support and advise on the group’s discussions with its lenders‚ while AlixPartners will assist on liquidity management and operational measures.

The share price had recovered 40%‚ to R8.40‚ in late trade on the JSE on Monday‚ valuing Steinhoff at about R36.2bn.