Share

Wiese: Forensic report will reveal what went wrong at Steinhoff

Former Steinhoff chairperson Christo Wiese said that the forensic investigation into the global retailer would ultimately reveal how accounting fraud took place.

Wiese was speaking to Stephen Grootes on SAfm on Friday. Grootes had asked him how the retailer was looted under his watch.

Wiese said he had only become chairperson of Steinhoff [JSE:SNH] in July 2016 and had chaired “exactly four board meetings” during his tenure.

“Steinhoff had some of the most highly respected board members for years or decades before I became a board member. It had an extremely highly qualified audit committee. It had a sophisticated internal audit function,” he said.

The retailer operated in 33 countries with different boards and different audit committees.

“It was regularly analysed by top ranking analysts around the world. It was regularly analysed by banks, ratings agencies… There is not a filter in the world through which it did not go,” Wiese said.

Despite this one or several people managed to perpetrate fraud - if that is what the forensic auditing report reveals, he told Grootes. The report is expected to be released at the end of the year.

"If you have fraud in a company it is always a problem. Remember I can’t make a statement yet because I’m waiting for the report," he emphasised. 

In the meantime, Wiese’s Titan Group is suing Steinhoff for R59bn, effectively to get back the value for Pepkor which Steinhoff acquired through agreements in 2015 and 2016.

Steinhoff had said it would “vigorously defend” itself against Wiese’s claim.

This week, the majority of Steinhoff’s creditors supported its debt restructure plan, Bloomberg reported. The shares rallied, trading up 17% to R3.61 on Thursday’s session.

The share price on Friday opened at R3.70 but declined to close 9.27% weaker at R3.23 per share.

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.2%
Rand - Pound
23.91
-0.1%
Rand - Euro
20.43
+0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.2%
Platinum
910.50
+1.5%
Palladium
1,011.50
+1.0%
Gold
2,221.35
+1.2%
Silver
24.87
+0.9%
Brent-ruolie
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.8%
Resource 10
57,251
+2.8%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders