JOHANNESBURG – The Progressive Professionals Forum (PPF) has called for South Africa's Special Investigating Unit (SIU) to probe troubled global retailer Steinhoff International in light of new revelations of corruption.
An investigative report by audit firm PricewaterhouseCoopers (PwC) found that a small group of former Steinhoff executives inflated the profit and asset values of the company for years by over R100 billion.
The Directorate for Priority Crime Investigation, known as the Hawks, has reportedly said it is anxiously waiting to be granted access to the full PwC forensic report into wrongdoing at Steinhoff.
The PPF said the full report with more than 3 000 pages with 4 000 document annexures was nothing short of wasted paper not worth the over R200 billion lost by investors, including government pensioners after an accounting scandal at Steinhoff led to a run on its shares.
"The report's attempt to water down hard executive transgressions, blatant criminality into mere simplistic non-conformance to disclosure requirements and accounting standards should absolutely be frowned upon from a reputable auditing firm like PwC," it said in a statement.