What to make of the ever-slimmer PwC report?
Some critics are furious that Steinhoff published such an anaemic ‘overview’ of PwC’s full 3,000-page report
Some critics are furious that Steinhoff published such an anaemic "overview" of PwC’s full 3,000-page report — especially since the company’s shareholders reportedly paid PwC R250m for the document. At Steinhoff’s AGM last April, the company promised to publish the full report "once it has been completed". It then began back-pedalling, first saying it would publish only an "overview" and now claiming the document is "legally privileged". Asked about this, Steinhoff this week provided a mouthful of incomprehensible jargon. "The report is legally privileged because of the legal advice inherent in its contents and its assembly. PwC was briefed by Werksmans in contemplation of litigation, and the report traverses, inter alia, matters which are directly relevant to proceedings, both actual and threatened. The report is of direct assistance to Steinhoff in defence of these proceedings," it said. This is news to everyone, since until now Steinhoff has told nobody of Werksmans’ involvement....
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.