Bombshell in PwC report

WIESE: EX-STEINHOFF CHAIR COULD HAVE LOST EMPIRE

- Ina Opperman

Although not much is known so far about the secret PwC report on Steinhoff, what is known so far is that former Steinhoff chair Christo Wiese could have lost his entire business empire if the company did not implode when it did.

And CEO Markus Jooste thought he could sidestep the ramifications of the accounting fraud by urging his cronies to stand together.

Steinhoff's shareholders, which included many ordinary South Africans and pension funds, lost about R250 billion when Steinhoff's share price collapsed in December 2017.

PwC analysed and investigated allegations of potential accounting irregularities and non-compliance with laws and regulations against various Steinhoff entities and its former executives, concerns raised by Steinhoff's external auditor, Deloitte and any other issues brought to PwC's attention requiring investigation in relation to the Steinhoff Group.