Steinhoff inflated profits by more than R100bn

So are we any wiser now about where the inflation of profits took place. The report says a small group of directors undertook various transactions? Courtesy #DStv403

 

JOHANNESBURG - The long-awaited PwC report into irregularities at scandal-hit retail giant Steinhoff says directors created fictitious structures and deals that inflated the company's profits €6.5-billion (R106-billion) in the years leading up to its collapse.

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PwC was hired to conduct an independent forensic probe into Steinhoff in late 2017 following the abrupt resignation of Steinhoff's CEO Markus Jooste, after the company's auditors flagged accounting irregularities in its financial statements, many called it fraud.

The group's share plunged, cutting its market capitalisation down by R200-billion.

PwC was hired to conduct an independent forensic probe into Steinhoff in late 2017. Courtesy #DStv403

Source
eNCA