Steinhoff former chairman Wiese says PwC report supports his multi billion rand claim | Fin24
 
  • Still falling

    Annual consumer price inflation has dipped to its lowest level in 9 years.

  • Sabotage at Eskom

    President Cyril Ramaphosa says sabotage contributed to power cuts earlier in the week.

  • Digital Banking

    TymeBank says it will be switching gears in a bid to triple its size by the end of 2020.

Loading...

Steinhoff former chairman Wiese says PwC report supports his multi billion rand claim

Mar 18 2019 16:14
Janice Kew, Bloomberg

Former Steinhoff International Chairman Christo Wiese says the retailer’s overview of a forensic probe into the company’s accounting irregularities supports his R59 billion claim against the company.

A report by PwC that was published last week found that a small group of former managers and non-Steinhoff executives structured deals that substantially inflated profits and asset values, according to a summary the company released late Friday.

Wiese, a South African billionaire and once Steinhoff’s biggest shareholder, lodged his claim in April, looking to claw back investments he made before the share price crashed when the accounting scandal emerged in late 2017.

“It’s clear from the report that this wasn’t just done over the last few years, but goes back a decade or more,” Wiese said by phone on Monday.

“Now it’s to follow the trail and see: If money was stolen, where did it go?”

Lawsuits against Steinhoff have piled up across three countries.

Wiese has said that while he believed the company was not in a position to pay, he was seeking a settlement that would benefit all stakeholders.

He said he had no desire to put Steinhoff in liquidation.

Wiese became Steinhoff’s largest shareholder when he sold Pepkor, Africa’s biggest clothing chain, to the company in 2015.

A Steinhoff representative declined to comment.

steinhoff international holdings  |  pwc
NEXT ON FIN24X

 
 
 
 

Company Snapshot

Voting Booth

What do you think about private healthcare in SA?

Previous results · Suggest a vote

Loading...