How cabal cooked Steinhoff books
PwC report says inner circle of senior managers inflated income by R100bn
Steinhoff International, the one-time giant of South African retailing, had its income inflated to the tune of more than R100bn over the course of nine years by an inner clique of senior executives in what has become the country's largest corporate scandal. On Friday, the company once led by disgraced tycoon Markus Jooste released a long-awaited report by auditing firm PwC detailing some of the nefarious accounting practices in the company - 15 months after the furniture and household-goods retailer's share price collapsed. The sell-off cost pension funds and other institutional and individual investors many billions of rands - notable among them Christo Wiese, who lost half of his listed wealth. The scandal has given rise to several investigations and a host of class-action lawsuits yet to be heard.
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