Steinhoff lays charges against former CEO Markus Jooste

Steinhoff lays charges against former CEO Markus Jooste

"As I sit here, I can not give that indication, we hope to be in a better position to come back to the public and the market after we've met with PwC this week".

Wiese and a delegation of Steinhoff executives appeared at a hearing into the Steinhoff scandal‚ which was held by three parliamentary committees - finance‚ public accounts and public service and administration.

The Independent Regulatory Board for Auditors (Irba), which has jurisdiction over registered auditors in South Africa, also raised concerns about Steinhoff but said it had not yet been able to go through the documents it was provided on Monday by Deloitte, Steinhoff's auditing firm. The Public Investment Corporation, which manages government worker pension funds, was also present and said its 9 per cent shareholding has lost more than 16.5bn rand (Dh5.14bn) in value.

The discount retailer was purchased a year ago in a deal that... The retailer still doesn't know how the crisis began and a probe into its accounts led by PwC will be completed as quickly as possible, Ms Sonn said.

Markus Jooste is facing an investigation by the Directorate for Priority Crime Investigation, an elite anti-corruption police unit better known as "the Hawks" that is more used to targeting organised criminals than businessmen.

The head of Steinhoff's audit committee has told Parliament how management waited in vain for Jooste to come and answer their urgent questions about alleged wrongdoing at the company.

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"Our commitment is we will uncover the truth...we will fix what went wrong".

"The matter is now in the hands of the Hawks for further investigation and prosecution", Sonn said.

Chairman of the supervisory board's audit committee Steve Booysen said, while initial reports of fraud at Steinhoff being investigated by German authorities surfaced in September a year ago, irregularities were only confirmed in December.

Wiese was replying to questions by MPs as to why the Steinhoff board was "asleep at the wheel" while alleged accounting irregularities were being committed and had failed in its fiduciary duties.

Wiese was confident the investigations would shed light on the irregularities.

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