South Africa-based German-listed retail giant Steinhoff had been a darling of fund managers with its eclectic, sprawling, consumer-focused empire with outposts in 30 countries.

Its businesses include British high street discounter Poundland, France's Ligue 1 sponsor Conforama and Pep Africa, which runs the continent's largest clothing factory.

But on Wednesday the music stopped when Steinhoff revealed it was under criminal and tax investigation in Germany over suspicions of accounting irregularities and that its chief executive, Markus Jooste, had resigned. He had led the firm for two decades.

Shares listed in Frankfurt fell almost 60 percent in the hours following the bombshell announcement.