🔒 An audit by PwC revealed that Steinhoff made irregular transactions over several years had inflated the company’s profits and assets by more than €6.5-billion (R100-billion).
Tumbling: Steinhoff’s Louis du Preez named former chief executive Markus Jooste as among those involved in suspicious transactions.
South Africa’s law enforcement authorities have again been lambasted for their failure to move on the investigation into retailer Steinhoff, after a dismal showing in Parliament on Tuesday. Steinhoff chairperson Heather Sonn and chief executive Louis du Preez faced a joint sitting of the standing committees on finance, public accounts, trade and industry, and public service and administration in a briefing that included various financial regulators, the Hawks and the National Prosecuting Authority .
It followed last Friday’s release of a sparse overview of the forensic investigation into alleged accounting fraud at Steinhoff, done by auditing firm PwC. The overview revealed that fictitious and irregular transactions over several years had inflated the company’s profits and assets by more than €6.5-billion .
The Hawks’ Lieutenant General Godfrey Lebeya told parliamentarians that, aside from combining four cases into a single docket, the special police investigative unit had managed to follow “one act” transaction, on the basis of apparent fraud, in the past year.
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