Steinhoff executives inflated profits by more than R100bn, PwC finds.
The PwC report did not specifically name Jooste as the key figure behind the fraud, noting that Jooste and “certain other individuals” have not yet made themselves available to be interviewed.
“The transactions identified as being irregular are complex, involved many entities over a number of years, and were supported by documents including legal documents and other professional opinions that, in many instances, were created after the fact and backdated,” the report found. When the scale of SA’s largest corporate fraud first came to light, it sparked a slide in its share price, seeing it fall from R56 per share to R6 in just four days. The fraud and sharp fall in the share price led to investigations by regulatory authorities in Europe, as well as legal action by several investors, including its largest shareholder and former chair, retail tycoon Christo Wiese, who is suing Steinhoff for R59bn.
The PwC report was initially expected to be handed to Steinhoff executives in December 2018. The group said in December that it was delaying the release of the report because the investigation was “significantly more complex than initially anticipated, with multiple work streams operating across a number of jurisdictions”.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Steinhoff executives inflated profits by more than R100bn, PwC findsThe 18-month forensic probe found that the retail group inflated its profits by R6.5bn from 2009 to 2017
Read more »
Steinhoff executives inflated profits by more than R100bn, PwC findsThe 18-month forensic probe found that the retail group inflated its profits by R6.5bn from 2009 to 2017
Read more »
Steinhoff overstated profits for several years - PwC investigationIn February, Steinhoff reported a slight rise in quarterly sales and said its business was still suffering from the effects of accounting fraud.
Read more »
JUST IN: Forensic report into Steinhoff shows top execs inflated profits for yearsThe Stellenbosch-headquartered retailer has provided an overview of a long-awaited forensic probe into its financial statements by PricewaterhouseCoopers Advisory Services.
Read more »
Tongaat orders staff to assist in PwC reviewOngoing strategic and financial review revealed certain practices might require remedial action, shareholders informed in stock exchange news service statement
Read more »
PwC sucked into dispute between FirstRand, Nigerian advocateObaika denies earlier suggestions that the audit firm cannot divulge details of the settlement to him because he is a 'third party'.
Read more »
Nobody knew the extent of Steinhoff’s misrepresentation, says Jayendra NaidooThe businessman says the investment by Lancaster 101 in Steinhoff, supported by the PIC and a major international investment bank, was well structured
Read more »
Steinhoff probe will reveal ‘fraud on a grand scale’Steinhoff International Holdings former non-executive director Johan Van Zyl says forensic report by PwC focuses on the wrongdoing of a ‘few individuals’
Read more »
Aspen on Steinhoff path?Aspen's debtstands at R53.5bn, more than its R45.7bn market capitalisation.
Read more »