ROB ROSE: Steinhoff’s foiled $200m mattress scam
New details of the Steinhoff fraud suggest, in some parts, a remarkably simple swindle. So the idea that it’s too complex to prosecute doesn’t hold
This week marks the third anniversary since the Steinhoff bubble popped and, while it might not seem that way, the net is tightening around former CEO Markus Jooste. In recent weeks, excerpts of the PwC forensic report have silently trickled into the public domain, almost unnoticed. This in itself is significant — Steinhoff has guarded the full 7,000-page report as if it were an exclusive early Covid-19 vaccine.
But more than that, what those excerpts reveal is quietly devastating: previously undisclosed elements of SA’s largest fraud, which wiped R230bn off the market value of Steinhoff, hammering thousands of pension funds in the process...