According to the consultancy firm’s probe, Hemisphere’s top 20 properties were overvalued by 30% in Steinhoff’s 2017 financial year. PwC noted that it could not confirm the independence and expertise of the entity that did the valuation.
PwC’s report, the outcome of a lengthy investigation, stated that: “We have identified the Campion Group as an alleged third-party group of companies which the Steinhoff Group has had a business relationship with. ”
The three-step process started when companies in the Genesis Group, nominally independent of Steinhoff, bought the Austrian furniture retailer. This company, the kika Leiner Group, was then split into property and retail companies.
This, a comprehensive PwC investigation showed, had been ongoing for, in some cases, 10 years.
Aveng's subsidiary Moolmans has secured a R10. 6 billion contract with Black Mountain Mining's Gamsberg zinc mine, yet shares fell 8. 32% following the announcement. The 60-month contract promises 342 new jobs and significant operational expansion.
The company expects normalised profit from operations to rise between 25% and 30%, reflecting continued business resilience and strategic execution
Over the period of 2013 to 2017, Jooste was awarded R65m in strategic project bonuses, which included for deals such as successfully negotiating the Pepkor transaction.
This information is contained in a 7 000-page report that Business Report secured through a Promotion of Access to Information Act request.
If people think that the regulators have sufficient time and budget to scrutinise every set of financial result with a magnifying glass, which have been signed off they would need to have a massive budget, said Logan.
South Africa's largest trade union federation warns that proposed US tariffs could jeopardise thousands of jobs across multiple sectors, potentially affecting the country's 41. 9% unemployment rate and Agoa benefits. Cosatu calls for diplomatic engagement while defending SA's sovereign interests.
The three are collectively facing charges of nine counts of fraud worth millions of rands, manipulation of financial statement and failure to report fraudulent activities and racketeering.
The suspects, who have not been named as they have yet to be charged, are appearing on charges of Contravention of the Prevention of Organised Crime Act, Contravention of the Financial Markets Act, Contravention the Companies Act as well as for contravening the Prevention and Combating of Corrupt Activities Act.
According to the PwC report, it was alleged that both the Steinhoff Group and Seifert, sold technical know-how, brands, rights and trademarks to the Talgarth Group between 2009 to 2017.
The corporate scandal, often called South Africa’s largest, led to then CEO Markus Jooste’s apparent suicide, former directors being arrested, and a massive loss in market value.
In some cases, account balances were entered manually into the Steinhoff finance consolidated reporting pack Excel document, “which allows for manual errors and adjustments,” it noted.
Hundreds of pages of court papers have been exchanged between the two parties. Now, MANZI is arguing that the marketing fund has been misused.
This latest disbursement amounts to R28. 6 million, bringing total payments since the Trust's inception to nearly R80 million, it said in a statement on Monday.
In the 7 000-page PwC report into the wrongdoings at the company, which was officially liquidated on October 13, 2023, the consultancy firm details several accounting shenanigans. One of these included Steinhoff failing to reverse revenue for the sale of an entity that fell through.
One particular fraud was perpetrated through a contribution of $162m from one Steinhoff subsidiary, SEAG Austria, to another, Mattress Firm, referred to throughout the investigation as MFRM.
Pick n Pay's latest trading update reveals a tale of two retailers: while Boxer demonstrates remarkable 11. 4% growth, the core Pick n Pay brand faces ongoing challenges amid its transformation journey.
US President Donald Trump's announcement to halt aid to South Africa following the recent Expropriation Act has triggered significant currency volatility, with the Rand breaching R19 to the dollar. Experts weigh in on the long-term implications for the South African economy.
Sun City celebrates Chinese New Year with 1,200 visitors as South Africa's new visa waiver programme shows early success in attracting Chinese tourists. However, limited direct flights remain a challenge for growth
AYO Technology Solutions, a JSE-listed ICT investment holding company, has postponed the release of its 2024 annual financial results to February 2025, citing auditor changes and internal appointments as key factors.
Fintech group Lesaka Technologies' deal to acquire 100% of the issued and outstanding ordinary shares of Recharger for R507 million has got the green light.
The company’s shares were suspended in October 2019 in “circumstances that culminated in the reconstitution of the entire board,” a note to shareholders stated at the time.
