Probe to close by year-end

STEINHOFF: SUBPOENA LIKELY FOR EX-CEO

Regulators from SA, Germany and the Netherlands combing for clues and possible culpability in the retail empire’s fall from grace.

Auditors PricewaterhouseCoopers (PwC) hopes to finalise a forensic investigation into the affairs of crisis-hit retailer Steinhoff International by the end of the year, a senior investigator said yesterday.

“This is complex; it’s not simple. We are working with a team of people across seven countries in the world. Our aim is, between now and the end of the year, to package this and put it in a box and conclude our investigation,” PwC African forensic services unit head Louis Strydom told a joint committee meeting of parliament looking into the Steinhoff scandal.

About 3.3 million records, such as e-mails, have so far been sent for analysis as the contents of laptops and mobile phones are copied by investigators, he said.

Regulators from SA, Germany and the Netherlands are combing for clues and possible culpability in the spectacular fall from grace of the sprawling retail empire.

On March 1 the JSE suspended trading in Steinhoff’s bonds and preference shares after the company failed to submit its annual reports on time.

Steinhoff’s executive officials didn’t attend parliament yesterday and were instead at a strategic meeting in Britain to discuss its restructuring and liquidity, a company lawyer said.

Former CEO Markus Jooste sent a letter via his lawyers saying he wouldn’t attend the parliamentary inquiry over fears it could prejudice possible criminal investigations against him.

Steinhoff has reported Jooste to the Hawks police unit over suspected corruption and Jooste would likely be subpoenaed to appear in parliament, the joint committee decided.

Yesterday, the Hawks said they were investigating three separate strands regarding Steinhoff. – Reuters