Steinhoff bought the Willenhall-based chain of discount stores for £610 million previous year.
The company also dropped a January 31, 2018 deadline for publishing its audited 2017 consolidated financial statements, saying it would only do so "when it is in a position to do so".
The Steinhoff supervisory board appointed its chairperson Dr Christo Wiese executive chairperson, or delegated supervisory chairperson, on an interim basis.
It would publish the audited 2017 consolidated financial statements when it was in a position to do so and would further determine whether any prior years' financial statements would need to be restated.
More than 40 injured after German trains collide
While a rescue operation was launched immediately, authorities have said the injuries people suffered were not life-threatening. Fifty people were injured in a collision between two trains near Düsseldorf, Germany, on Tuesday night, federal police said.
Jooste, who had been with Steinhoff since 1988 and was CEO of Steinhoff International since 2000, was credited with growing the South African furniture manufacturer and retailer into Europe's second-largest player, behind Ikea, via a string of acquisitions including France's Conforama chain. It has also advised its shareholders and other investors to "exercise caution when dealing in the securities of the group", but a panicked sell-off has already caused the business's market cap to more than halve.
Shares in Steinhoff International fell by about 60 per cent after the news was announced.
As well as furniture and homeware, it also sells products including clothing, footwear and consumer goods.
Late on Tuesday, Steinhoff announced that it had approached professional services multinational PwC to carry out an independent investigation of the irregularities.
Federal officials file new charges against man acquitted in Kate Steinle case
Gascon also criticized President Trump and conservative pundits for turning the trial into a "political football". Jose Ines Garcia Zarate never should have been in San Francisco, let alone protected by that jurisdiction.
Steinhoff previously rebuffed claims made in a report by German magazine, Manager-Magazin, of its former CEO, Markus Joost being amongst employees investigated by German prosecutors in a 2015 accounting fraud case.
Kepler Cheuvreux said the pending tax and accounting investigations "could show severe irregularities".
It is unclear what accounting irregularities the company was referring to in its statement on Tuesday.
What is the Invisible Box Challenge... and how to do it?
Other recent popular challenges include the " Ice Bucket Challenge ", " Planking Challenge" and the "Cinnamon Challenge". We all know social media is a breeding ground for wild challenges, but this latest one is a head-scratcher.