Retailer to provide relevant documents to Financial Sector Conduct Authority so that it can probe alleged market transgressions
Retailer Steinhoff will provide the necessary documents to the Financial Sector Conduct Authority to enable it to investigate alleged market transgressions, the capital markets watchdog said on Thursday.
Findings from an independent report by PwC said earlier this month that Steinhoff had overstated profits over several years in a $7.4bn accounting fraud involving a small group of top executives and outsiders. The FSCA added that Steinhoff had confirmed the disclosure will enable it to act against all persons implicated in the transgressions.
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