Jooste named in PwC’s Steinhoff report
Steinhoff executives have been forced to reveal the names of the individuals implicated in a report by audit firm PriceWaterHouseCoopers on the alleged fraud and corruption that led to the collapse of the company's share price more than a year ago.
Former CEO Markus Jooste’s name is on the list, alongside former chief financial officer Ben la Grange and former executives Dirk Schreiber and Stehan Grobler.
The company’s chair Heather Sonn and CEO Louis du Preez briefed MPs in a joint sitting of three Parliamentary committees on Tuesday on developments within the group and PwC forensic report, which was released on Friday.
Sonn said they were initially advised not to make the names public as not to jeopardise possible prosecutions.
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Du Preez added that the report also noted third-party groups that are at the centre of the scandal.
"The PwC investigation found a pattern of communications which shows the senior management executives instructing a small number of other Steinhoff executives to execute those instructions often with the assistance of a small number of persons not employed by the Steinhoff Group.
"The report identifies three principles groups of corporate entities that were counterparties to the Steinhoff group. The Campion/Fulcrum Group, the Talgarth group and the TG Group."
The report found that a small group of former Steinhoff executives - with the help of none-Steinhoff executives - led by a senior executive structured and implemented various transactions over a number of years which inflated the profit and assets of the group.