The Stellenbosch-headquartered retailer has provided an overview of a long-awaited forensic probe into its financial statements by PricewaterhouseCoopers Advisory Services.
announced on Friday afternoon that a"small group" of former Steinhoff executives, in concert with executives at other companies, for years inflated the profit and asset values of the Steinhoff group.
This was included in an overview of a forensic probe into the company's financial statements conducted by PricewaterhouseCoopers Advisory Services. The Stellenbosch-headquartered retailer made an 11-page overview of the probe public on Friday evening. PwC was hired to conduct an independent forensic probe into the multinational retailer in late 2017, following the abrupt resignation of its CEO Markus Jooste, after the company's auditors flagged accounting irregularities in its financial statements.
The group's share price plunged in the wake of Jooste's resignation, cutting its market capitalisation down by R200bn. The findings of the forensic report were twice delayed before being submitted to Steinhoff leadership earlier in the month.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
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 »
FirstRand HY profit rises amid 'challenging' yearThe lender said its basic and diluted headline earnings per share - the main profit gauge in South Africa - stood at 237.9 cents in the six months ended 31 December, compared with 224.2 cents a year earlier.
Read more »
Aspen on Steinhoff path?Aspen's debtstands at R53.5bn, more than its R45.7bn market capitalisation.
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 »
Forensic expert breathes new life into Mbombela stadium fraud caseNewsletter| Forensic expert Johan Erasmus, who was hired to probe tender corruption in R1.2bn Mbombela World Cup stadium in Mpumalanga, is ready and willing to help revive the case. He says he provided all missing documents in the docket to Hawks and NPA
Read more »
Top cardinal gets six years jail for 'appalling' choirboy abuseDisgraced Australian Cardinal George Pell — the former Vatican number three — was on Wednesday sentenced to six years in prison for the “brazen” sexual abuse of two choirboys, in what the judge lambasted as a “grave” abuse of power.
Read more »
Top cardinal gets six years jail for 'appalling' choirboy abuseDisgraced Australian Cardinal George Pell was on Wednesday sentenced to six years in prison for the 'brazen' sexual abuse of two choirboys, in what the judge lambasted as a 'grave' abuse of power.
Read more »
Top cardinal gets six years jail for 'appalling' choirboy abuseDisgraced Australian Cardinal George Pell was on Wednesday sentenced to six years in prison for the 'brazen' sexual abuse of two choirboys, in what the judge lambasted as a 'grave' abuse of power.
Read more »
Bosasa execs 'didn't read' liquidation papers before signingEmbattled Bosasa is back in court seeking to overturn its application for liquidation.
Read more »