A 'small group' of executives have been blamed for alleged fraud at the company, and parliament has insisted on having their identities aired.
The former chief executive of Steinhoff, Markus Jooste, testifies in parliament for the first time since the Steinhoff scandal broke last year. Picture Henk Kruger / African News Agency
The implicated individuals’ names were apparently initially kept confidential in the recently released forensic report, but MPs were of the view that they should not be protected. It laid the blame for the alleged fraud that has thrown the company into turmoil at the feet of a small group of executives who allegedly dishonestly inflated the company’s profit and asset values for several years.
Jooste resigned in December 2017 after auditors refused to sign off on the company’s results after unearthing accounting irregularities. “Steinhoff [itself] published a SENS stating that its financial statements were wrong,” Topham pointed out. “So they have consented to the fact that they have published false and misleading information. Even though nobody at this stage has been charged, there is definitely a case to be made.”
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BUSINESS MAVERICK: PwC’s Steinhoff report suggests profit was boosted by R106bn in seven yearsFollowing the delivery of the PricewaterhouseCoopers report into Steinhoff, the full impact of the apparent fraud is just beginning to sink in, and even for those expecting the worst, it’s gobsmacking. According to PwC, between 2009 and 2016, the company apparently created fictitious profit-boosting schemes totalling R106bn, which is just under three times the net profit of the company over that period.
Read more »
Steinhoff shares jump on PwC reportThe report shows that about €6.5bn worth of fictitious transactions between 2009 and 2017 inflated the group’s profits and asset value
Read more »
JUST IN: Forensic report into Steinhoff shows top execs inflated profits for yearsThe Stellenbosch-headquartered retailer has provided an overview of a long-awaited forensic probe into its financial statements by PricewaterhouseCoopers Advisory Services.
Read more »
#PICInquiry: FSCA debars ex-PIC execs implicated in VBS scandal | IOL Business ReportThe PIC executives on the board were implicated in the VBS Bank saga, which raised a red flag and had to be debarred from VBS activities.
Read more »
Steinhoff overstated profits for several years - PwC investigationIn February, Steinhoff reported a slight rise in quarterly sales and said its business was still suffering from the effects of accounting fraud.
Read more »
Steinhoff executives inflated profits by more than R100bn, PwC findsThe 18-month forensic probe found that the retail group inflated its profits by R6.5bn from 2009 to 2017
Read more »
Steinhoff executives inflated profits by more than R100bn, PwC findsThe 18-month forensic probe found that the retail group inflated its profits by R6.5bn from 2009 to 2017
Read more »
Steinhoff promises that those implicated will be held accountableHeather Sonn, chair of Steinhoff’s supervisory board, and CEO Louis du Preez will brief parliament on Tuesday
Read more »
LIVE BLOG: Steinhoff execs, Hawks to appear before ParliamentFollow our live updates from Parliament where Steinhoff executives, the Hawks, the NPA and other regulatory bodies are expected to brief Parliament on the status of investigations into the group.
Read more »