The former chief executive of Steinhoff, Markus Jooste, testifies in parliament for the first time since the Steinhoff scandal broke last year. Picture Henk Kruger / African News Agency
The implicated individuals’ names were apparently initially kept confidential in the recently released forensic report, but MPs were of the view that they should not be protected. It laid the blame for the alleged fraud that has thrown the company into turmoil at the feet of a small group of executives who allegedly dishonestly inflated the company’s profit and asset values for several years.
Jooste resigned in December 2017 after auditors refused to sign off on the company’s results after unearthing accounting irregularities. “Steinhoff [itself] published a SENS stating that its financial statements were wrong,” Topham pointed out. “So they have consented to the fact that they have published false and misleading information. Even though nobody at this stage has been charged, there is definitely a case to be made.”
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BUSINESS MAVERICK: PwC’s Steinhoff report suggests profit was boosted by R106bn in seven yearsFollowing the delivery of the PricewaterhouseCoopers report into Steinhoff, the full impact of the apparent fraud is just beginning to sink in, and even for those expecting the worst, it’s gobsmacking. According to PwC, between 2009 and 2016, the company apparently created fictitious profit-boosting schemes totalling R106bn, which is just under three times the net profit of the company over that period.
Source: dailymaverick - 🏆 3. / 84 Read more »
#PICInquiry: FSCA debars ex-PIC execs implicated in VBS scandal | IOL Business ReportThe PIC executives on the board were implicated in the VBS Bank saga, which raised a red flag and had to be debarred from VBS activities. Leaving the elephant in the and continued chasing a rat.
Source: IOL - 🏆 46. / 51 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. CEO, CFO and all other directors, together with the audit firm, need to be criminally prosecuted for this! Board of Directors remained complicit all those years and drew salaries and perks and forgot their feduciary responsibilities. They must all account.
Source: ewnupdates - 🏆 30. / 53 Read more »