State and CIPC to probe claims of noncompliance with Companies Act by Steinhoff
The Department of Trade and Industry and the Companies and Intellectual Property Commission (CIPC) plan to launch an investigation into allegations of Steinhoff’s noncompliance with the Companies Act and its regulations. In a statement on Tuesday, the department said it and the CIPC had noted with "great concern" allegations of governance failures and financial irregularities at the retailer, which led to the resignation of its CEO Markus Jooste. "The Department of Trade and Industry will further suggest that the Independent Regulatory Board for Auditors (Irba) also consider the circumstance with regard to the role of auditors in this instance," the department said in the statement. The probe into Steinhoff is mainly concentrated in Germany, where the company has a dual listing. However, the Financial Services Board (FSB) has requested that all financial services providers supply it with details of their exposure to Steinhoff International. The FSB’s move appears to have been prompt...
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