Get more Mail & Guardian
Subscribe or Login

Forensic report into Steinhoff finances delayed

A forensic report into the finances of Steinhoff by auditors PwC has been postponed until the end of February 2019.

Steinhoff had hoped that PwC’s independent forensic probe would be complete before the end of the year so that it could publish its latest verified financial reports.

But in a statement on Thursday morning the Stellenbosch-headquartered retail conglomerate said the investigative process has been “significantly more complex than initially anticipated, with multiple workstreams operating across a number of jurisdictions”.

“The investigation is substantially complete but more time is required to finalise a number of follow up work streams. The investigation is now expected to be complete by the end of February 2019, with the final report being available to the company shortly thereafter.”

It now expects to receive the report at the end of February.

“The company now estimates that it will publish its group audited financial statements for 2017 and 2018 by the middle of April 2019. The 2017 and 2018 financial statements for Steinhoff Investment Holdings will be released shortly thereafter.”

Steinhoff’s share price has plunged by over 95% since its former CEO Markus Jooste abruptly resigned a year ago, erasing tens of billions of rands in shareholder value. — Fin24

Subscribe for R500/year

Thanks for enjoying the Mail & Guardian, we’re proud of our 36 year history, throughout which we have delivered to readers the most important, unbiased stories in South Africa. Good journalism costs, though, and right from our very first edition we’ve relied on reader subscriptions to protect our independence.

Digital subscribers get access to all of our award-winning journalism, including premium features, as well as exclusive events, newsletters, webinars and the cryptic crossword. Click here to find out how to join them and get a 57% discount in your first year.

Agency
External source

Related stories

WELCOME TO YOUR M&G

If you’re reading this, you clearly have great taste

If you haven’t already, you can subscribe to the Mail & Guardian for less than the cost of a cup of coffee a week, and get more great reads.

Already a subscriber? Sign in here

Advertising

Subscribers only

FNB, Ivestec exposed to R6.3m scam

Administrators at First National Bank are accused of duping Investec out of millions of rand.

SAA takes to the skies again after 18 months grounded

After an 18-month hiatus, the national carrier has done away with major routes that would have required it to use much larger fleets

More top stories

FNB, Ivestec exposed to R6.3m scam

Administrators at First National Bank are accused of duping Investec out of millions of rand.

Three men killed in apparent Cape Town taxi violence flare-up

Three members affiliated with taxi association Cata have been gunned down at the Joe Slovo minibus taxi rank in Cape Town

SAA takes to the skies again after 18 months grounded

After an 18-month hiatus, the national carrier has done away with major routes that would have required it to use much larger fleets

Judge John Hlophe withdraws interdict against parliament

The matter will be heard by a judge of the Johannesburg division when the matter is re-enrolled
Advertising

press releases

Loading latest Press Releases…
×