Steinhoff has secured its immediate future by making a deal with creditors

A series of asset disposals also helped to stabilise things at the retailer.

Steinhoff International has said that a three-year deal agreed with creditors, together with a series of asset disposals, has secured the company’s immediate future, and also kept safe the jobs of its 120,000 employees.

According to Bloomberg, the global retailer can now look ahead to the completion of a PwC probe into the accounting crisis that has wiped more than 95 percent off its share price.

Steinhoff said in a presentation on its website that the investigation will be “substantially complete” by the end of 2018 and that those found responsible will be held accountable.

The company's ex-CFO Ben la Grange appeared before a parliament committee today and denied any wrongdoing. “From my side, I also do not think I did anything deliberately wrong,” he said.