CAPE TOWN, March 19 — Former Steinhoff chief executive Markus Jooste and seven others were involved in a €6.5 billion (RM30.1 billion) accounting fraud at the South African retailer, the new CEO told lawmakers today.
Steinhoff said on Friday an independent report had found it overstated profits over several years in the fraud that involved a small group of top executives and outsiders. PwC conducted the independent investigation.
The company did not name the individuals last week, citing legal reasons. But during today’s session in parliament South African lawmakers instructed Louis du Preez, who was appointed CEO last year, to reveal those involved.
Du Preez named former CEO Jooste and former chief financial officer Ben la Grange, alongside six other people, who he said had inflated Steinhoff profits and asset values over several years.
Jooste, who resigned hours before Steinhoff disclosed the hole in its accounts in December 2017, could not be reached for comment through his lawyer. He has previously denied any wrong doing.
La Grange could not immediately be reached for comment through his lawyer. — Reuters
