Latest News & Developments
Steinhoff's tumultuous journey continues as the Pretoria High Court revives a six-year-old price-fixing case involving PG Bison and Sonae. What does this mean for the future of the company and its stakeholders?
A groundbreaking PwC investigation, obtained through PAIA, reveals how Steinhoff orchestrated South Africa's largest corporate scandal, manipulating R125 billion through artificial revenue inflation between 2009 and 2017. The report exposes eight companies' involvement and complex financial manoeuvres that led to the company's devastating 97% market capitalisation loss.
The Johannesburg Stock Exchange implemented significant regulatory reforms following Steinhoff's 2017 accounting scandal. This article explores the changes made, the impact of Steinhoff's primary listing shift to Frankfurt, and the subsequent enforcement actions against key executives.
A PwC investigation has uncovered how Steinhoff manipulated its profits through complex trademark transactions between 2001 and 2017, revealing a sophisticated scheme involving GT Global Trademarks to artificially inflate brand values and meet profit targets
A 7,000-page PwC investigation reveals how Steinhoff orchestrated one of South Africa's biggest corporate scandals through inflated deals and fraudulent accounting worth R125 billion. The report exposes questionable acquisitions, including well-known brands like Tekkie Town and Poundland, while detailing the complex web of special purpose vehicles used to perpetrate the fraud
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.
Committee Chairperson, Joe Maswanganyi said the Steinhoff investigations have not been shelved by the committee which still awaits supplementary information from the SARB on progress with tracing the money trail and facilitating its repayment.
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.
The SA Police Service has remained silent for 11 months on the investigation into the death of Markus Jooste.
Steinhoff was South Africa’s biggest corporate scandal when it collapsed after Deloitte confirmed there were accounting irregularities in 2017.
South Africans will finally see a sensitive report by PricewaterhouseCoopers on Steinhoff and what led to the company’s downfall.
Grobler’s court proceedings have been postponed to February to allow for further investigation by the National Prosecuting Authority.
ANC, EFF, and ActionSA call for tougher action following the sentencing of Steinhoff’s former CFO in a massive fraud case.
He also must give evidence for the state in any further criminal proceedings against directors, officers and employees of the Steinhoff group.
The former chief financial officer at Steinhoff will go to jail for fraud of over R300 million and has to testify for the State.
The National Prosecuting Authority said the court also issued a confiscation order for €90,000 (around R1. 8 million) seized by Swiss authorities after the collapse of Steinhoff.
He was an associate of the “late” former Steinhoff CEO, Markus Jooste, who apparently sent him, Jaap du Toit, Marthinus Swiegelaar and the late Ockert Oosthuizen text messages warning them to sell their Steinhoff shares. Burger sold more than 39 000 in Steinhoff shares, while Du Toit was allegedly the only one that did not trade his shares in Steinhoff.
The pensioner’s sentence was suspended for five years on condition that he does not commit the same crime.
Gehardus Burger, 79, pleaded guilty to three counts of insider trading in the Pretoria Specialised Commercial Crimes Court on Thursday.
Major corporations, implicated in corruption scandals that have cost investors, pensioners, and the nation hundreds of billions, continue to operate with impunity.
Several people have been named in allegations surrounding Steinhoff’s implosion. One of them is former CEO Markus Jooste, who allegedly killed himself before any real action could be taken against him.
On Friday, Sarb deputy governor for the prudential cluster Fundi Tshazibana said in the government Gazette that Steinhoff was forfeiting an amount totalling R6bn plus interest into the National Revenue Fund.
In order to stop the vicious cycle of corruption and maladministration at South African companies, delinquent directors need to be held accountable.
Only a few out of 1 438 who have been implicated in allegations of state capture were prosecuted.
Le Grange, who paid R150 000 in bail, handed himself over to the Serious Economic Offences unit yesterday morning, Hawks spokesperson Brigadier Thandi Mbambo told Business Report.