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Parly to be briefed on status of probe into Steinhoff scandal

An internal PricewaterhouseCoopers report has been released on the company's transgressions and various parliamentary committees are keen to talk to Steinhoff about this.

Steinhoff's offices in Stellenbosch. Picture: Supplied

JOHANNESBURG - Parliament is set to be briefed on Tuesday morning on whether progress is being made in the investigation into the Steinhoff scandal.

An internal PricewaterhouseCoopers report has been released on the company's transgressions and various parliamentary committees are keen to talk to Steinhoff about this.

The company's share price lost around R200 billion in value in 2017 after German police revealed they were investigating possible criminal activity.

The Standing Committees on Finance and Public Accounts, along with various portfolio committees, are set to be briefed on progress regarding the investigation into Steinhoff.

The PricewaterhouseCoopers report was released on Friday and revealed that Steinhoff overstated profits for several years.

This accounting fraud amounted to $7.4 billion.

The report said that this involved a small group of top executives who have left the company, along with various outsiders.

A parliamentary statement said the main aim of Tuesday’s meeting is to establish from the Hawks, the National Prosecuting Authority and the relevant regulatory bodies what progress has been made in acting against those accused of wrongdoing.

The committees met last September, demanding answers.