Probe on Steinhoff out in February

International retailer Steinhoff said yesterday a forensic investigation being undertaken by audit firm PwC after an accounting scandal last year was substantially complete, but more time was needed to finalise some issues.

Steinhoff is grappling with the fallout after admitting to accounting irregularities a year ago, which saw former chief executive Markus Jooste step down in disgrace.

In addition to the forensic probe, the company has simultaneously been involved in a financial restructuring process involving a diverse group of financial creditors while continuing to keep global operations running across more than 30 countries.

“The forensic investigation being undertaken by PwC has progressed well. The investigative process has been significantly more complex than initially anticipated, with multiple work streams operating across a number of jurisdictions,” it said yesterday.

“The investigation is substantially complete but more time is required to finalise a number of follow up work streams.

“The investigation is now expected to be complete by the end of February 2019, with the final report being available to the company shortly thereafter.” – ANA

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