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South African police probing three criminal cases against Steinhoff

Hawks probe Steinhoff related criminal cases.
Hawks probe Steinhoff case. Picture: Bloomberg

South Africa’s elite police unit, the Hawks are investigating three criminal cases against crisis-hit Steinhoff International , a senior official at the unit told parliament on Wednesday.

Steinhoff, which has more than 40 retail brands that include Conforama and Poundland, is in a fight for survival after admitting “accounting irregularities” in December, wiping about 85% off its market value and triggering a liquidity crisis.

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Well this should be an interesting exercise – the Hawks don’t seem to have the resources, experience or knowledge to undertake such an investigation. Given the speed and aptitude with which the Hawks operate I can well imagine my 6 year old grandson being old and grey by the time they are ready to prosecute and get the matter before a court

If the Hawks are to investigate Steinhoff they will need to understand forensic auditing first. In order to do forensic auditing they will have to understand accounting. So before the Hawks can begin to bring charges against Markus Jooste, they will have to understand what he did wrong. Basic journal entries will confuse the hawks, so there is no way they will be able to build a charge sheet against Markus Jooste. Maybe if they can catch him for drunken driving. That is their best change.

End of comments.

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