LIVE BLOG: Steinhoff execs, Hawks to appear before Parliament | Fin24
Executives from Steinhoff, together with the Hawks, the National Prosecuting Authority, the JSE and other regulatory bodies will on Tuesday morning appear before a joint sitting of three Parliamentary committees.
On Friday Steinhoff made public an 11-page overview of a 3 000-page forensic report into Steinhoff. The report, by PwC, found that a"small group" of former executives inflated the profit and asset values of the Steinhoff group for years.JSE has taken some disciplinary action against Steinhoff - CEO Nicky Newton-King
Newton-King was first to give evidence. She told that disciplinary action had been taken against Steinhoff and its subsidiary Pepkor. The JSE fined Steinhoff R1m for failing to disclose a downgrade in the immediate aftermath of reports on its accounting irregularities. The JSE similarly fined Pepkor R5m.
The overview states that the small clique of executives used"fictitious and/or irregular transactions" to inflate the group's profits and assets by about €6.5bn between the 2009 and 2017 financial years.
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