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PWC starts investigations into Steinhoff accounting irregularities

PriceWaterhouseCoopers has set up a board subcommittee to strengthen governance at the embattled South African retailer.

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

JOHANNESBURG - PriceWaterhouseCoopers has now started investigations into accounting irregularities at Steinhoff.

It has set up a board subcommittee composed of independent non-executive directors to strengthen governance at the embattled South African retailer.

It has also confirmed its audit committee is working with its regular auditors Deloitte to publish its financial statements.

Steinhoff's shares fell by another 40% on Friday before paring losses by late morning, after Moody's cut its credit rating and raised concerns about the company's governance, deepening the retailer's problems.

The furniture retailer lost more than 63% of its stock value on the JSE on Wednesday after CEO Markus Jooste stepped down amid allegations of accounting irregularities.

The scandal has further ignited calls for more focus and interrogation of corruption in the private sector.

Additional reporting by Gia Nicolaides

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