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Scopa calls on regulatory bodies to investigate Steinhoff

The company's share price plummeted last week amid concerns about possible fraud that's cost pensioners dearly.

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

JOHANNESBURG - Parliament's Standing Committee on Public Accounts (Scopa) has Steinhoff in its crosshairs as Members of Parliament (MPs) call on regulatory bodies to investigate the company.

The company's share price plummeted last week amid concerns about possible fraud that's cost pensioners dearly.

Chief executive Markus Jooste stepped down last week amid the company's admission of irregularities in its financial accounts.

In a statement, Scopa's chairperson Themba Godi says tha Parliament cannot sit back and watch as people's pensions go down the drain because company executives have behaved recklessly.

He's called on National Treasury to be more strident in condemning the scandal, and insists that Hawks investigators have a duty to probe possible corruption in the private sector.

Among others, Scopa plans to call Steinhoff executives, the South African Revenue Service, and the Independent Regulatory Board for Auditors to Parliament to account early in the new year.

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