JOHANNESBURG - Steinhoff execs face a review before four parliamentary committees on Wednesday; the company's management, which includes non-executive directors, Markus Jooste and Ben la Grange, have all previously stated that they would not be in attendance.
The Financial Services Board (FSB), JSE, the Hawks, the Independent Regulatory Board for Auditors and the Companies and Intellectual Properties Commission and PwC will on Wednesday, give presentations before the four committees on public accounts, trade and industry and public service and administration.
On Tuesday, Steinhoff's law firm Werksmans Attorneys, together with forensic firm PwC, gave presentations before Parliament on behalf of the company.
Steinhoff's attorney, Robert Driman said the company's executives could not be in attendence as they are currently at a conference of the global group in the UK where "the future structure and strategy of the company is being determined".
"Steinhoff wishes it to be known that it is unusual to send forensic auditors and its attorney. It would prefer to speak for itself. Steinhoff wants to confirm it is committed to give information to the joint committee."
Former Steinhoff CEO Markus Jooste has also rejected an interiew invitation by auditing firm PwC, the firm is in the process of conducting an internal investigation into Steinhoff.
PwC Africa's forensic services leader and partner Louis Strydom explained that all of Steinhoff's top management were interviewed, except Jooste who provided conditions which were not acceptable.
MPs have raised concerns over the proposed bonuses to be paid to Steinhoff executives, in the midst of the public
ANC MP and chair of the portfolio committee on trade and industry, Joanmariae Fubbs has asked that the bonus scheduled to be paid to the executives payouts be placed on hold.
Steinhoff's attorney, Robert Driman argued that the notice of the company's AGM, which is set to be held on April 20, includes information on remuneration proposed for company executives.
A senior investigator by audit firm PwC has told Mps that the firm would like to finalise a complex forensic investigation into the affairs of Steinhoff International (SNHJ.J)(SNHG.DE) by year-end.
Parliament has decided to give former Steinhoff CFO Ben la Grange and Former CEO Markus Jooste 10 days to appear before Committee or face subpoena.
The PwC has assembled a global team, comprising of over 60 people who will probe the allegations of accounting irregularities involving retailer Steinhoff, which has more 700 individual entities operating in 30 different jurisdictions. The firm says it is aiming to complete its investigation into the allegations by the end of the year.
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