Steinhoff To Supply FSCA With Full PwC Report On Fraud, Corruption

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Steinhoff has been summoned to provide the Financial Sector Conduct Authority (FSCA) with the full report it has received from audit firm PricewaterhouseCoopers (PwC) on the fraud and corruption that led to the company’s shares going into free-fall nearly a year and a half ago.

Steinhoff has, so far, only released an 11-page summary of the 3,000-plus page report and did not name the former executives involved.

Appearing before Parliament’s Standing Committees on Finance and Public Accounts, along with two other committees on Tuesday, Steinhoff CEO Louis du Preez and board chairperson Heather Sonn were challenged on this decision and instructed to name names, which Du Preez then did.

Du Preez said the summons from the Financial Sector Conduct Authority to produce the PwC report was received on Tuesday morning. “Whilst we were sitting here the FSCA has issued a summons. So, I will take legal advice and we will deal with it. We’re here to cooperate.”

Earlier, FSCA divisional executive for investigations and enforcement Brandon Topham told the meeting the regulatory authority expected to receive the report “soon”.

Du Preez then said Steinhoff was still weighing up whether or not to hand it over.

Du Preez was also instructed by finance committee chairperson Yunus Carrim to divulge the names of former Steinhoff executives, including disgraced ex-CEO Markus Jooste and four others, who allegedly worked together over many years to inflate Steinhoff’s profit and assets values.

EWN