ROB ROSE: Brace for PwC’s Steinhoff report — it won’t be pretty
The forensic report into what went wrong at Steinhoff will be out within days. Insiders say it won’t be pretty — especially for Markus Jooste
After 15 months, the much anticipated PwC forensic report into Steinhoff is likely to be out within days. Steinhoff is expected to release an executive summary of that report, ahead of the appearance by CEO Louis du Preez and chair Heather Sonn in parliament next week on March 19. Within Steinhoff, there was apparently some resistance to releasing even the summary. This was partly for fear of legal reprisals, and partly because it could tip creditors as to whom to pursue for damages, when Steinhoff would prefer to be first at the door. However, sanity won out. One Steinhoff insider says the company will reveal "the key findings" of the PwC probe, given the immense public interest. Though this source added: "We have to do so in a way that is considerate of our multiple responsibilities to our shareholders, to the creditors and the claimants." That executive summary will be a broad-brush account of what happened in the lead-up to Steinhoff’s crash on December 6 2017, when CEO Markus J...
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