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JUST IN: Forensic report into Steinhoff shows top execs inflated profits for yearsThe Stellenbosch-headquartered retailer has provided an overview of a long-awaited forensic probe into its financial statements by PricewaterhouseCoopers Advisory Services. Shock shock horror. That’s a crime 🤔 Oh my God, I’m so shocked😑
Source: News24 - 🏆 4. / 80 Read more »
Ex-Steinhoff bigwigs structured deals that 'substantially' inflated profits, asset values | IOL Business ReportThe report by PwC auditors made note of a number of deals were implemented over several years that enabled Steinhoff to artificially boost earnings.
Source: IOL - 🏆 46. / 51 Read more »
BUSINESS MAVERICK: PwC’s Steinhoff report suggests profit was boosted by R106bn in seven yearsFollowing the delivery of the PricewaterhouseCoopers report into Steinhoff, the full impact of the apparent fraud is just beginning to sink in, and even for those expecting the worst, it’s gobsmacking. According to PwC, between 2009 and 2016, the company apparently created fictitious profit-boosting schemes totalling R106bn, which is just under three times the net profit of the company over that period.
Source: dailymaverick - 🏆 3. / 84 Read more »
PWC report lifts Steinhoff stock in FrankfurtThe PwC report's €6.5bn worth of fictitious transactions is significantly below the €12.4bn tagged by management in 2018, says analyst
Source: BDliveSA - 🏆 12. / 63 Read more »
Steinhoff guns for Jooste, directors | IOL Business ReportCommentator Simon Brown says it is very likely that the scam amounted to more than the claimed profits . Jooste iS now a church going guy.
Source: IOL - 🏆 46. / 51 Read more »
Steinhoff shares jump on PwC reportThe report shows that about €6.5bn worth of fictitious transactions between 2009 and 2017 inflated the group’s profits and asset value
Source: BDliveSA - 🏆 12. / 63 Read more »
LIVE BLOG: Steinhoff head says no undertaking yet to give forensic report to regulatorsFollow our live updates from Parliament where Steinhoff executives, the Hawks, the NPA and other regulatory bodies are expected to brief Parliament on the status of investigations into the group.
Source: News24 - 🏆 4. / 80 Read more »
No more anonymity for Steinhoff execs implicated in PwC reportA 'small group' of executives have been blamed for alleged fraud at the company, and parliament has insisted on having their identities aired.
Source: TheCitizen_News - 🏆 6. / 75 Read more »
Steinhoff bosses forced by MPs to reveal names of execs implicated in PwC reportDisgraced former CEO Markus Jooste’s name is among them, along with former chief financial officer Ben la Grange and former executives Dirk Schreiber and Stehan Grobler. This is rich. Being questioned by the Minister parachuted in to capture communications. Should be brought before StateCaptureInquiry Steinhoff YunusCarrim 'We instruct you to give us the names of the people whom PwC alleges committed the most serious offences.'
Source: ewnupdates - 🏆 30. / 53 Read more »