Loading...

Hawks investigating three cases of fraud at Steinhoff, its subsidiaries

Jun 29 2018 15:34
Lameez Omarjee

Police Minister Bheki Cele has confirmed that the Hawks are investigating three cases related to allegations of fraud at Steinhoff [JSE: SNH] and its subsidiaries.

Cele had issued a written reply dated May 2, 2018 to a question by DA MP David Maynier - who had asked if the Hawks or the South African Police Service were investigating accounting irregularities at the company.

Maynier also asked if the Hawks had received a report from Steinhoff’s audit committee chair Steve Booysen related to allegations against former CEO Markus Jooste.

In his response, Cele explained that the Hawks had received a report from Booysen on January 30.

The report alleges that Jooste is guilty of several offences.

One related to him being party to the "falsification of accounting records" and that he is guilty of "knowingly providing false or misleading information" for fraudulent purposes, when the law required otherwise.

Another allegation is that Jooste was party to an "act or omission by the company to defraud creditors or employees of the company, or the holders of the company’s securities", again for fraudulent purposes.

The report also alleges that Jooste was party to the "preparation, approval, dissemination or publication of a prospectus or a written statement" which contains an "untrue statement" as defined or described in terms of the Companies Act.

Hawks head of specialised commercial crimes Major-General Alfred Khana had also previously told Parliament’s Standing Committee on Finance in March that there were three Steinhoff matters being investigated.

Two cases were filed in Stellenbosch and one in Sandton. At the time he explained that the Hawks will be probing fraud at Steinhoff. "Everything that has been done relates to misrepresentation, which led to billions [of rands in losses] suffered by various bodies or individual parties," he said. 

He had also criticised Booysen for dropping the report, a day before Steinhoff’s first hearing at Parliament on January 31. He had said the Hawks had to get detailed information from Booysen to have a "decent investigation" into the matter.

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest. 24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

steinhoff  |  markus jooste  |  bheki cele  |  hawks  |  saps  |  retail
NEXT ON FIN24X

 
 
 
 

Company Snapshot

#SAVINGSMONTH

Five of SA's top financial brains, including SARB governor Lesetja Kganyago share their best savings habits.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Are you prepared for the latest round of Eskom’s load shedding??

Previous results · Suggest a vote

Loading...