The 18-month forensic probe found that the retail group inflated its profits by R6.5bn from 2009 to 2017
A group of Steinhoff International’s directors created fictitious structures and deals that inflated the company’s profits by €6.5bn in the years leading up to its collapse in SA’s biggest corporate scandal to date.
Steinhoff’s board launched the investigation after the emergence of “accounting irregularities” in December 2017 led to the collapse of the company’s share price, leading to investors losing about R200bn in value. Then Steinhoff CEO Markus Jooste resigned after the revelations. “The transactions identified as being irregular are complex, involved many entities over a number of years, and were supported by documents including legal documents and other professional opinions that, in many instances, were created after the fact and backdated,” the report found.
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