Former Public Investment Corporation (PIC) CEO Dan Matjila told the PIC Commission that the losses incurred through the Corporation’s investment in Steinhoff were significant and deeply regrettable.
South African retailer Steinhoff said on Friday that Philip Dieperink will step down as chief financial officer and will be replaced by Theodore de Klerk effective 1 September 2019.
The PIC’s acting head of legal Lindiwe Dlamini took the stand at the PIC commission of Inquiry testifying about the Steinhoff transaction.
Steinhoff executives were ultimately forced to divulge the names of former and current directors who’ve been implicated in the PwC report as having been responsible for inflating the retailer’s income by a whooping R100 billion.
Pepkor, previously known as Steinhoff Africa Retail, has been fined R5 million by the Johannesburg Stock Exchange (JSE) for breaching listing requirements, with R1 million suspended for two years.