Steinhoff to give FSCA documents to allow it to investigate
Retailer to provide relevant documents to Financial Sector Conduct Authority so that it can probe alleged market transgressions
Retailer Steinhoff will provide the necessary documents to the Financial Sector Conduct Authority (FSCA) to enable it to investigate alleged market transgressions, the capital markets watchdog said on Thursday. Steinhoff admitted “accounting irregularities” in December 2017, shocking investors who had backed its reinvention from a small SA business to a multinational retailer at the vanguard of the European discount furniture retail industry. Findings from an independent report by PwC said earlier this month that Steinhoff had overstated profits over several years in a $7.4bn accounting fraud involving a small group of top executives and outsiders.
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