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WATCH: MPs have some tough questions for Steinhoff
Disgraced retailer Steinhoff appeared before Parliament’s standing committee on finance to answer questions about the accounting scandal that saw the company’s share price plummet, wiping out R194bn in value for shareholders. The Government Employees Pension Fund (GEPF) lost at least R20bn. Steinhoff’s former chairman Christo Wiese said that detecting fraud in a company was hugely difficult. Wiese was fielding questions from MPs as to why the retailer’s board was asleep at the wheel when accounting irregularities were being committed. Yunus Carrim, the chairman of Parliament’s standing committee on finance, spoke to Business Day TV about what played out in the inquiry into the Steinhoff scandal. OR LISTEN TO THE AUDIO:
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