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Scopa to call Steinhoff executives to account

The company's share price plummeted last week amid concerns about 'accounting irregularities' and possible fraud.

FILE: Scopa chairperson Themba Godi. Picture: GCIS.

JOHANNESBURG - Parliament's Standing Committee on Public Accounts (Scopa) plans on calling Steinhoff executives early in the new year to account for a scandal that's cost pensioners dearly.

The company's share price plummeted last week amid concerns about "accounting irregularities" and possible fraud.

The JSE has launched an investigation into whether the company broke its disclosure rules when trading.

The scandal is said to have cost the furniture and household goods retailer as much as R282 billion in market value.

Steinhoff shares plunged after CEO Markus Jooste stepped down last week amid the company's admission of irregularities in its financial accounts.

In a statement, Scopa chairperson Themba Godi says National Treasury should be more strident in condemning the Steinhoff scandal.

He's called for investigations by the South African Revenue Service, South African Reserve Bank and the Independent Regulatory Body for Auditors.

Scopa also intends calling these institutions to account to Parliament about the scandal next year.

The committee says it wants accountability and decisive action to deal with those found wanting.