JOHANNESBURG - South African retailer Steinhoff overstated profits over several years in an accounting fraud uncovered 15 months ago that has entangled top management, independent investigators said in a summary report released on Friday.
“The PwC Report finds that it appears that the Steinhoff Group entered into a number of transactions with allegedly independent third-party entities which resulted in the inflation of profits and asset values,” the report posted on Steinhoff’s website showed. Steinhoff was thrown a lifeline in July 2018 when its creditors agreed to delay debt claims for three years after the multinational retailer revealed a more than $12 billion hole in its accounts.
Board of Directors remained complicit all those years and drew salaries and perks and forgot their feduciary responsibilities. They must all account.
CEO, CFO and all other directors, together with the audit firm, need to be criminally prosecuted for this!
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