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Reports emerged on Thursday that the Hawks and the National Prosecuting Authority are considering taking legal action against Steinhoff for defeating the ends of justice. However, Hawks spokesperson Hangwani Mulaudzi told Fin24 that the Hawks were not suing the company.
Members of Parliament slammed Steinhoff leadership for 'buying time' and 'malicious compliance' regarding investigations into governance failures that caused the global retailer's share price to plunge.
The Stellenbosch-headquartered retailer has given its first public investor presentation since its share price plunged in late December 2017 at the start of an accounting scandal.
The Stellenbosch-headquartered retailer is set to update investors on the status of its turnaround plan, after a dramatic plunge in its share price shrank its market capitalisation by over R200bn.
The group had delayed publishing its 2017 and 2018 earnings reports to give auditors PwC time to complete a 15-month forensic probe into its books.
The Stellenbosch-headquartered retailer has predicted that its audited 2018 financial results would show reduced net sales due to disposals, a weak global economy, strong competition and reputational damage.
PwC was fined about R67m by the UK’s accounting watchdog over failings in its handling of technology firm Redcentric
Machaba is taking over the reins from Dion Shango, who is set to become PwC Africa’s new head.
The embattled retailer previously announced it would publish the long-awaited results on Tuesday, which would set out its restated financial position for 2017 in the wake of a forensic probe.
The 3000-page forensic probe into accounting fraud was given to Steinhoff leadership by PwC earlier in the month.
Memebers of Parliament gave Steinhoff executives a grilling, especially when they found out that the Hawks still did not receive the final PwC report into the circumstances of the Steinhoff scandal, despite a commitment from Steinhoff that they would provide it.
PwC Southern Africa CEO Shirley Machaba said policy uncertainty continues to be a concern for South Africa CEOs.
A lifestyle audit conducted by PwC into five former officials at state-owned asset manager the Public Investment Corporation - including its ex-CEO Dan Matjila and former board chair Mondli Gungubele - found no evidence of criminal conduct.
Steinhoff has filed papers in the Cape Town High Court in an attempt to claw back hundreds of millions of rands from its former CEO Markus Jooste and its ex-CFO Ben la Grange, according to the Financial Mail.
The Stellenbosch-headquartered conglomerate published its delayed 2018 earnings report on Tuesday evening after the close of SA markets.
More than seven out of 10 businesses indicated that they are unsatisfied with prevailing operating conditions, a survey shows.
A PricewaterhouseCoopers Africa executive, who was video recorded going on a racial rant, has left the well-known audit firm following disciplinary steps.
Steinhoff's former chief executive officer received almost $2.4m of bonuses without required approvals in the months before the global retailer almost collapsed amid an accounting crisis.
Steinhoff is set to release its restated and audited financial results for 2017 on Tuesday, giving investors insight into how a yearlong forensic probe by PwC has altered the multinational retailer's financial position.
Steinhoff’s caretaker board and management have not risen to the challenge of good corporate citizenship, says Ferial Haffajee.
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