Steinhoff finances investigation against itself
Retailer funds forensic auditors at PwC to help Hawks with probe into financial irregularities that brought it down
Steinhoff International Holdings is paying for forensic auditors at PwC to help SA’s anticorruption police investigate alleged financial wrongdoing that brought the retailer to the brink of collapse.
While PwC completed its report of more than 3,000 pages on its probe on behalf of Steinhoff last year, legal authorities have shown little sign of progress in identifying those responsible for transactions that caused Steinhoff to report accounting regularities in late 2017. The Frankfurt-listed stock remains more than 98% lower than before the announcement, and the company faces years of legal battles brought by those who lost out...
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