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Deloitte to continue as Steinhoff’s external auditors

A massive forensic investigation by PwC has uncovered a pattern of transactions that led to the material overstatement of income and asset values of the group.

Steinhoff International logo. Picture: Supplied

CAPE TOWN - Deloitte will continue as Steinhoff’s external auditors in spite of being labelled as part of the problem during the group’s annual general meeting on Friday.

The accusation came from a shareholder representative in Amsterdam, where the AGM took place.

Proceedings were live-streamed to Cape Town.

Shareholders have backed the company’s plans to restructure and voted in favour of all those nominated for the supervisory and management boards.

Investors were told on Friday the massive forensic investigation by PricewaterhouseCoopers (PwC) has so far uncovered a pattern of transactions over a number of years that led to the material overstatement of income and asset values of the group.

PwC is only expected to complete its probe by December, but it puts a question mark over the due diligence of Steinhoff auditors Deloitte who have done the company’s books for the past two decades.

Heather Sonn, reappointed to the supervisory board, says Deloitte will be retained only until financial year end in September.

She’s told the Steinhoff annual general meeting that Deloitte is critical to the revision of the group’s 2015 and 2016 financial statements and the release of its 2017 results delayed because of the PwC probe.

(Edited by Winnie Theletsane)

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