Christo Wiese tells probe into Steinhoff that detecting fraud is extremely difficult
Detecting fraud within a company was hugely difficult for board members, especially if the CEO was allegedly involved, Steinhoff shareholder and respected South African businessman Christo Wiese said in Parliament on Wednesday.Wiese was replying to questions by MPs as to why the Steinhoff board was "asleep at the wheel" while alleged accounting irregularities were being committed and had failed in its fiduciary duties."I can only say that cleverer people than this board have been duped before by people committing fraud. I can only refer to many instances around the world of companies of a similar or bigger size where this has happened. "To detect fraud in a company is an extremely difficult if not impossible task and it becomes more difficult when as is alleged in this case the CEO is directly involved," Wiese said. He was referring to former Steinhoff CEO Markus Jooste who has been reported to the Hawks for alleged contraventions of the Prevention and Combating of Corrupt Practices...
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