CAPE TOWN - Steinhoff said it was doing its “utmost to uncover the truth, to rectify any wrongdoings and to communicate as fully as we can on an ongoing basis”.
This was during Steinhoff's former chief financial officer Ben la Grange appearance before four Parliament committees on Wednesday.
The embattled firm said on that they were “deeply aware” of the impacts of events at Steinhoff and also the impact it has had on its stakeholders
This includes investors and pension fund holders.
"We understand matter of interest and exposure to pension funds. We understand the gravity of it and we come here because of that understanding,” said Heather Sonn, chair of Steinhoff’s supervisory board.
Sonn told the committee members that the company has co-operated with regulators and authorities such as the Hawks and PwC. Both institutions are conducting a probe.
Sonn told members that Steinhoff will continue to conduct “massive exercise” to restructure the group’s international debt.
The company has lost a total of 100 000 staff members and now stand at 120 000 people – down from 130 000.
This was after the firm had to loos a number of its subsidiaries.
It should be noted that of Steinhoff’s employees 50 000 of them are from SA.
Sonn said that as far as she knows the company has paid down most of its African debt.
After the initial meeting with parliament in January. Steinhoff has worked really hard stabilise the group, according to Sonn.
Sonn said that the group is extremely committed to finishing the audit on the financial statements.
"A crisis of complete implosion of the company has been averted – through a standstill agreement with banks," said Sonn.
- BUSINESS REPORT ONLINE