PwC found that a 'senior management executive' – since named as Jooste – was allegedly behind a small group of other executives, who, working with other individuals outside the Steinhoff Group, used fictitious and/or irregular transactions to inflate the group’s assets by an estimated €6.5 billion - about R105 billion - between 2009 and 2017.
CAPE TOWN - Steinhoff bosses, regulatory bodies, the Hawks and the NPA on Tuesday met Parliament’s joint meeting of the standing committees on finance, public accounts and the committees on trade and industry and public service and administration.
After the meeting, Du Preez confirmed to journalists that Steinhoff on Tuesday received a summons from the Financial Sector Conduct Authority to provide it with the full PwC report. He said he would be taking legal advice, but said Steinhoff wanted to co-operate. Rudi Voller of the Companies and Intellectual Properties Commission told the meeting there was no legal basis in terms of the Companies Act for Steinhoff to withhold the names of implicated former executives, and that they should be asked to do so. Voller said the CIPC was closely watching the investigations under way with a view to launch director delinquency applications under the Companies Act.
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.
No more anonymity for Steinhoff execs implicated in PwC reportA 'small group' of executives have been blamed for alleged fraud at the company, and parliament has insisted on having their identities aired.
Read more »
Steinhoff bosses forced by MPs to reveal names of execs implicated in PwC reportDisgraced former CEO Markus Jooste’s name is among them, along with former chief financial officer Ben la Grange and former executives Dirk Schreiber and Stehan Grobler.
Read more »
Steinhoff forced to reveal names of directors implicated in PwC report - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Steinhoff executives were ultimately forced to divulge the names of former and current directors who've been implicated in the PwC report as having been responsible for inflating the retailer's income by a whooping R100 billion.
Read more »
Steinhoff must release full PwC report on fraud, corruptionSteinhoff has, so far, only released an 11-page summary of the 3,000-plus page report and did not name the former executives involved.
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 »
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 »