Steinhoff served with hard-hitting compliance notice
The board of Steinhoff International has been served with a hard-hitting compliance notice by the Companies and Intellectual Property Commission (CIPC), which gives the directors six months to identify the individuals involved in the falsification of accounting records and to institute criminal action against them. During that time, the board is obliged to provide the CIPC with monthly progress reports. Noncompliance with the notice could result in a fine or imprisonment for the directors The CIPC, which is responsible for ensuring compliance with the Companies Act, announced in December that it had launched an investigation into allegations of noncompliance by Steinhoff. On Tuesday, Steinhoff issued a SENS announcement referring to the compliance notice but provided no details other than to say the company was required to investigate the accounting irregularities within six months "and to bring the necessary actions that may be required in terms of the act". The actual notice, whic...
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