PwC presents focus of investigations to Steinhoff
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JOHANNESBURG - PriceWaterhouseCoopers ( PwC) has given a presentation to executives at scandal-hit retailer on “the scope and focus of their forensic investigations,” Steinhoff says in emailed response to questions, without giving detail of what they will probe, Bloomberg reported.
Steinhoff will give updates on “the progress and any outcomes” of the auditor’s probe into accounting irregularities when possible, Bloomberg further reported.
Steinhoff was one of the top 10 shares on the JSE, it featured in tracking indices that are followed by investment funds including the PIC and the Government Employees Pension Fund (GEPF).
Steinhoff lost about $15bn (R184.17bn) in market capitalisation as its share price plunged by almost 85% after the scandal broke.
The Financial Services Board said earlier this year that it was also probing the Steinhoff matter and is taking it seriously, but addeed that it awaited a report from PriceWaterhouseCoopers (PwC) which Steinhoff had contracted to independently probe what led to the accounting irregularities in the financial statements of Steinhoff from as far back as 2015.
- BUSINESS REPORT ONLINE