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Steinhoff: Implicated executives will be held accountable

Steinhoff was on Tuesday forced by four parliamentary committees to reveal the names of its former executives, including disgraced former CEO Markus Jooste and four other men outside Steinhoff, implicated by PwC’s forensic investigation into the scandal.

FILE: Steinhoff’s Heather Sonn. Picture: www.africaleadership.net

CAPE TOWN - Steinhoff’s board chairperson Heather Sonn says those responsible for inflating the group's profits and assets over many years will be held to account.

Steinhoff was on Tuesday forced by four parliamentary committees to reveal the names of its former executives, including disgraced former CEO Markus Jooste and four other men outside Steinhoff, implicated by audit firm PwC’s forensic investigation into the scandal.

Threatened with a subpoena, CEO Louis du Preez read out the names and later told journalists Steinhoff had been summoned by the Financial Sector Conduct Authority to provide it with the full 3,000-page PwC report.

Sonn said the names of those implicated were withheld due to concerns that legal proceedings might be jeopardised.

Steinhoff wants to claw back bonuses paid to former executives and also hold them liable to help settle any claims against the company.

“The PwC investigation is complete, and those responsible will be held accountable,” Sonn told MPs.

Sonn said the group’s position was "still precarious" as it tried to deal with its various creditors.

Du Preez said the financial impact of the “accounting irregularities” would only become clear once Steinhoff’s 2017 annual report was finalised.

“Another point we want to bring to the attention of the market is the forensic findings may influence the nature of the audit opinions that are ultimately received.”

(Edited by Shimoney Regter)