Steinhoff promises that those implicated will be held accountable
Heather Sonn, chair of Steinhoff’s supervisory board, and CEO Louis du Preez will brief parliament on Tuesday
Steinhoff, which remains “in a precarious position”, will tell parliament on Tuesday that those responsible for SA’s biggest corporate scandal “will be held accountable”. On Friday last week, the long-awaited release of the overview of PwC’s forensic investigation into the beleaguered retail group was published. While generally light on information, the overview revealed that an estimated €6.5bn worth of fictitious transactions between 2009 and 2017 had inflated the group’s profits and asset value. That suggests that Steinhoff was actually not profitable. “The €6.5bn is higher than the profits declared by the company over that period,” Vestact said in a note to clients this week.
PODCAST: Hear from the Steinhoff whistleblowers..