Latest News & Developments
steinhoff
Collapsed Steinhoff faces revived 2019 price-fixing case as probe heads to Competition Tribunal
Steinhoff's tumultuous journey continues as the Pretoria High Court revives a six-year-old price-fixing case involving PG Bison and Sonae. What does this mean for the future of the company and its stakeholders?
PwC probe: R125bn in fictitious and irregular revenue flowed through Steinhoff’s accounts
A groundbreaking PwC investigation, obtained through PAIA, reveals how Steinhoff orchestrated South Africa's largest corporate scandal, manipulating R125 billion through artificial revenue inflation between 2009 and 2017. The report exposes eight companies' involvement and complex financial manoeuvres that led to the company's devastating 97% market capitalisation loss.
JSE tightened regulations after Steinhoff scandal exposes vulnerabilities in financial markets
The Johannesburg Stock Exchange implemented significant regulatory reforms following Steinhoff's 2017 accounting scandal. This article explores the changes made, the impact of Steinhoff's primary listing shift to Frankfurt, and the subsequent enforcement actions against key executives.
PwC investigation: How Steinhoff used complex brand sales to inflate profits
A PwC investigation has uncovered how Steinhoff manipulated its profits through complex trademark transactions between 2001 and 2017, revealing a sophisticated scheme involving GT Global Trademarks to artificially inflate brand values and meet profit targets
PwC investigation: Steinhoff artificially inflated deal value to enrich executives
A 7,000-page PwC investigation reveals how Steinhoff orchestrated one of South Africa's biggest corporate scandals through inflated deals and fraudulent accounting worth R125 billion. The report exposes questionable acquisitions, including well-known brands like Tekkie Town and Poundland, while detailing the complex web of special purpose vehicles used to perpetrate the fraud
Steinhoff fraud: three more people face charges
The three are collectively facing charges of nine counts of fraud worth millions of rands, manipulation of financial statement and failure to report fraudulent activities and racketeering.
Reserve Bank faces pressure to recover billions lost in Steinhoff scandal
Committee Chairperson, Joe Maswanganyi said the Steinhoff investigations have not been shelved by the committee which still awaits supplementary information from the SARB on progress with tracing the money trail and facilitating its repayment.
PwC investigation reveals how fake transactions artificially inflated Steinhoff’s profit by $200m
One particular fraud was perpetrated through a contribution of $162m from one Steinhoff subsidiary, SEAG Austria, to another, Mattress Firm, referred to throughout the investigation as MFRM.
Eleven months later, SAPS silent on Markus Jooste investigation
The SA Police Service has remained silent for 11 months on the investigation into the death of Markus Jooste.
Business Report seeks access to PwC’s 7 000-page report on Steinhoff’s collapse
Steinhoff was South Africa’s biggest corporate scandal when it collapsed after Deloitte confirmed there were accounting irregularities in 2017.
7,000-page report on Steinhoff will finally see the light of day
South Africans will finally see a sensitive report by PricewaterhouseCoopers on Steinhoff and what led to the company’s downfall.
Cosatu welcomes the R67m asset seizure from former Steinhoff executive Stéhan Grobler
Grobler’s court proceedings have been postponed to February to allow for further investigation by the National Prosecuting Authority.
Political parties react to former Steinhoff CFO Andries le Grange’s sentencing for fraud
ANC, EFF, and ActionSA call for tougher action following the sentencing of Steinhoff’s former CFO in a massive fraud case.
Former Steinhoff CFO pleads guilty to R367m in fraud and will spend five years behind bars
He also must give evidence for the state in any further criminal proceedings against directors, officers and employees of the Steinhoff group.
Former Steinhoff CFO Andries Benjamin Le Grange sentenced to 10 years imprisonment
The former chief financial officer at Steinhoff will go to jail for fraud of over R300 million and has to testify for the State.
Physician found guilty of insider trading at Steinhoff to testify against his accomplices, R1. 8 million confiscated
The National Prosecuting Authority said the court also issued a confiscation order for €90,000 (around R1. 8 million) seized by Swiss authorities after the collapse of Steinhoff.
Steinhoff inside trader gets five-year suspended sentence
He was an associate of the “late” former Steinhoff CEO, Markus Jooste, who apparently sent him, Jaap du Toit, Marthinus Swiegelaar and the late Ockert Oosthuizen text messages warning them to sell their Steinhoff shares. Burger sold more than 39 000 in Steinhoff shares, while Du Toit was allegedly the only one that did not trade his shares in Steinhoff.
Steinhoff inside trader receives five-year suspended sentence
The pensioner’s sentence was suspended for five years on condition that he does not commit the same crime.
Update: Gehardus Burger pleads guilty to insider trading at Steinhoff, avoids jail
Gehardus Burger, 79, pleaded guilty to three counts of insider trading in the Pretoria Specialised Commercial Crimes Court on Thursday.
Lady Justice Turns a Blind Eye to Nedbank, EOH, Tongaat Hulett and Steinhoff’s Corruption While Targeting Sekunjalo
Major corporations, implicated in corruption scandals that have cost investors, pensioners, and the nation hundreds of billions, continue to operate with impunity.
Wheels of justice turn slowly in Steinhoff matter
Several people have been named in allegations surrounding Steinhoff’s implosion. One of them is former CEO Markus Jooste, who allegedly killed himself before any real action could be taken against him.
Sarb orders Steinhoff to forfeit over R6bn to the state
On Friday, Sarb deputy governor for the prudential cluster Fundi Tshazibana said in the government Gazette that Steinhoff was forfeiting an amount totalling R6bn plus interest into the National Revenue Fund.
More needs to be done to hold delinquent directors accountable
In order to stop the vicious cycle of corruption and maladministration at South African companies, delinquent directors need to be held accountable.
State Capture exposed weaknesses and challenges in the criminal justice system
Only a few out of 1 438 who have been implicated in allegations of state capture were prosecuted.
Ex-Steinhoff CFO released on R150k bail on fraud charges
Le Grange, who paid R150 000 in bail, handed himself over to the Serious Economic Offences unit yesterday morning, Hawks spokesperson Brigadier Thandi Mbambo told Business Report.