Pepkor to end funding arrangement with Jooste-linked Fulcrum
Retail group Pepkor, formerly known as Steinhoff Africa Retail, is putting further distance between itself and its scandal-rocked controlling company, Steinhoff International. Pepkor is scrapping a controversial funding arrangement it had with Fulcrum, a company alleged to have close ties with former Steinhoff CEO Markus Jooste. Former Steinhoff chair Christo Wiese is involved with Fulcrum through a preference share investment in one of its subsidiaries. Pepkor said in May that Steinhoff is investigating its relationship with Fulcrum. Friday’s announcement came just weeks before audit firm PwC finalises a report into “accounting irregularities” flagged by Steinhoff’s board in December 2017. PwC’s investigation is expected to uncover details of transactions with related parties. Pepkor, which was a wholly owned subsidiary of Steinhoff until it was listed on the JSE as Steinhoff Africa Retail in September 2017, is due to release full-year results on Monday. Earnings are expected to be...
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