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DA welcomes investigation into Deloitte

The party’s David Meynier says the irregularities at Steinhoff should be fully investigated both abroad and in South Africa.

A Deloitte logo is pictured on a sign outside the company's offices in London on September 25, 2017. Deloitte said Monday that "very few" of the accounting and consultancy firm's clients were affected by a hack after a news report said systems of blue-chip clients had been breached. Picture: AFP.

JOHANNESBURG - The Democratic Alliance (DA) has welcomed the investigation into Deloitte Accountants Holdings for its role in the audit of Steinhoff International by the Dutch authorities.

The DA says there is a need to know whether Deloitte turned a blind eye to the alleged fraud at Steinhoff.

The party’s David Meynier says the irregularities at Steinhoff should be fully investigated both abroad and in South Africa.

“We are delighted with the news that the Dutch authority have now decided to launch an investigation into the role of Deloitte in the audit of Steinhoff

Steinhoff has started to lose credit lines from lenders and is still unable to determine the scale of accounting irregularities.

Over the past two weeks, Steinhoff has lost $10 billion in market value since its alleged fraudulent activities came to light.

Meanwhile, a court decision on whether to allow an investigation into the accounts of Steinhoff international will be made by 22 January next year.

It is understood that the Enterprise Chamber of the Amsterdam Court of Appeal is yet to make a decision.

Meynier says the confirmed investigation is a step in the right direction.

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