Steinhoff International Holdings NV plans to dig deeper into the accounting misdeeds that brought the retailing giant to its knees as it seeks to get to the bottom of some $7.4 billion in fictitious or improper deals.
The findings of the PwC investigation are finally giving shareholders some insight into the scope of the wrongdoing. Yet the brief summary provided few details, and may disappoint investors who have been waiting for 15 months since the South African retailer announced it had found a hole in its accounts. Steinhoff said the full PwC report runs to more than 3,000 pages and will remain confidential.
No executives involved were identified in the summary of the exhaustive PwC probe, but Steinhoff did say Jooste hasn’t made himself available for interviews with investigators. At the least, Steinhoff can now proceed with preparing its 2017 and 2018 audited earnings, which will show whether the retailer is keeping sales moving as it seeks to complete its debt restructuring.
Put him in jail.
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