European Central Bank loses money over Steinhoff

The European Central Bank has sold its Steinhoff bonds at a loss

According to Reuters, the European Central Bank (ECB) has made a loss selling its Steinhoff bonds – losing at least half the amount it had invested.

To date, over $10 billion has been wiped off Steinhoff’s market value, following the breaking of an accounting irregularity scandal late last year. In news earlier this week, Ben la Grange, the company’s CFO, announced he had stepped down, replace instead by Philip Dieperink, the finance head of the company’s UK business, who took over in an acting capacity.

According to Reuters, the ECB previously sold bonds issued by Glencore, a British mining firm, after a change in domicile meant that the entity which had issued the bond was no longer based in the euro zone.

Pictured: Mario Draghi, President of the ECB