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.
The Standing Committee on Public Accounts (SCOPA) will for the first time meet with the leadership of the Public Investment Corporation (PIC) in Parliament on Wednesday.
Steinhoff has appointed commercial director Louis du Preez, a key figure in its attempts to recover from a financial crisis, as its permanent chief executive, sending shares in the South African retailer as much as 15% higher on Monday.
Steinhoff said on Wednesday investors who are suing the crisis-hit firm had agreed to suspend litigation until next year, allowing the retailer time to focus on its recovery.