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Steinhoff overstated profits for several years - PwC investigation

In February, Steinhoff reported a slight rise in quarterly sales and said its business was still suffering from the effects of accounting fraud.

Picture: Supplied.

JOHANNESBURG - South African retailer Steinhoff overstated profits over several years in an accounting fraud uncovered 15 months ago that has entangled top management, independent investigators said in a summary report released on Friday.

“The PwC Report finds that it appears that the Steinhoff Group entered into a number of transactions (some of which were fictitious or irregular) with allegedly independent third-party entities which resulted in the inflation of profits and asset values,” the report posted on Steinhoff’s website showed.

In February, Steinhoff reported a slight rise in quarterly sales and said its business was still suffering from the effects of accounting fraud.

Steinhoff was thrown a lifeline in July 2018 when its creditors agreed to delay debt claims for three years after the multinational retailer revealed a more than $12 billion (£9 billion) hole in its accounts.

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