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Parly finance committee condemns Steinhoff’s behaviour

Yunus Carrim says they want decisive actions by the regulatory body, including the Reserve Bank, the Financial Services Board and Independent Regulatory Board for Auditors.

Former Steinhoff CEO Markus Jooste. Picture: Gallo Images/Financial Mail/Jeremy Glyn

JOHANNESBURG - Parliament's Standing Committee on Finance has expressed outrage at what has happened at Steinhoff.

Steinhoff has lost about 90% of its stock value on the JSE after CEO Markus Jooste stepped down last week amid allegations of fraudulent transactions and “accounting irregularities”.

South Africa's Steinhoff is considering selling stakes worth a combined R19 billion in local companies, PSG Group and KAP Industrial, to help plug the liquidity gap at the retailer.

The company has said it plans to raise billion from the sale of non-core assets.

Reuters is reporting that two sources close to the matter are saying that selling the stakes is part of Steinhoff’s plan to fight for survival.

The committee’s chairperson Yunus Carrim says they condemn the company’s behaviour.

“It’s regrettable that Parliament is in recess at the moment, but we’re attending to the matter as much as we can under the circumstances. We want decisive and swift actions by the regulatory body in this regard, including the South African Reserve Bank, the Financial Services Board and Independent Regulatory Board for Auditors."

LISTEN: Lessons learned from Steinhoff collapse

(Edited by Zamangwane Shange)

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