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MPs want Steinhoff to shelve planned bonuses for board members

Four parliamentary committees are sitting on Wednesday to probe what led to the catastrophic collapse in the company’s share price late in last year.

FILE: Picture: Supplied.

CAPE TOWN - Members of Parliament (MPs) want former Steinhoff chief executive officer Markus Jooste subpoenaed to come and answer questions.

They are also calling for planned bonuses for Steinhoff board members to be put on hold, for now.

Four parliamentary committees are sitting on Wednesday to probe what led to the catastrophic collapse in the company’s share price late in last year.

Jooste, through his lawyers, has told the committees that to come and account would undermine his right to a fair trial.

Parliamentarians across all parties want Steinhoff to shelve plans to reward board members for the extra work caused since so-called “accounting irregularities” were uncovered.

Democratic Alliance MP Alf Lees said: “It really does seem obscene that people who should have known what was going on - even if they claim they didn’t know - are now getting paid additional rewards to try and fix the mess.”

The four committees are being briefed by Steinhoff’s attorneys, Werksmans and audit firm PwC, which is investigating what led to the company’s share price collapse.

MPs are also pushing for Jooste to be subpoenaed to come and answer questions in Parliament.

Jooste is the subject of a Hawks investigation and is also set to be interrogated by the Financial Services Board.

Meanwhile, the Public Servants Association of South Africa (PSA) has condemned the pending decision to reward Steinhoff directors with bonuses.

The PSA, which represents more than 238,000 public servants, says bonuses would be an insult to public sector employees and the poor.

(Edited by Zamangwane Shange)

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