Pepkor gets some much-needed relief from Steinhoff contagion
PwC investigation finds the retailer did not benefit from any of the dubious transactions investigated
General goods retailer Pepkor — whose chains include Pep, Ackermans and Tekkie Town — has received some much-needed relief from the Steinhoff contagion after it was found not to have benefited from any of the dubious transactions investigated by PwC. PwC’s overview of its 14-month investigation confirmed Pepkor was not a beneficiary of any of the €6.5bn fictitious or irregular transactions identified. The news helped to pause a two-week long weakening in the Pepkor share price. However, one analyst said that in the short term it may not be sufficient to counter the recent weakness in investor sentiment towards retail counters. Pepkor closed 0.64% higher at R18.97, earlier rising as much as 2.12%. The company’s share price fell to a four-month low on Friday, and remains 9.62% down so far in 2019. PODCAST: Hear from the Steinhoff whistleblowers Subscribe: iono.fm | Pocket Cast | Player.fm In the 10-page overview of its forensic investigation into the “accounting irregularities” that l...
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