COMPLIANCE NOTICE
Steinhoff hands in final report on falsified accounting records to commission
Steinhoff has submitted its sixth and final report to the Companies and Intellectual Property Commission (CIPC) dealing with details of the individuals involved in the falsifying of the group’s accounting records. At the end of January, the CIPC issued a compliance notice giving the Steinhoff directors six months to identify the individuals involved in the falsifying of accounting records and to institute criminal action against them "irrespective of geographic location". If the company does not comply with a compliance notice, it faces a fine of 10% of its annual turnover. The CIPC, which is responsible for monitoring adherence to the Companies Act, did not respond to requests for information, but it is understood that it is interrogating the information to determine if it has been given the requested details. The notice also requires Steinhoff to institute civil action in terms of sections 77 and 162 of the Companies Act against those involved in the falsification of the accountin...
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