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Steinhoff faces legal action from PIC

Over release of PwC report.
Image: Waldo Swiegers, Bloomberg
South Africa’s Public Investment, the continent’s biggest fund manager, said it’s preparing court papers to try and force Steinhoff International to release PwC’s full report on what led to the retailer’s accounting scandal.

Steinhoff didn’t respond to a letter demanding the report, PIC’s head of legal services Lindiwe Dlamini said in parliament on Tuesday.

“And now we have to prepare the papers in order to have all the information we need to pursue the past directors.”

The global retailer is also being challenged in a South African court by two media outlets to release the 7 000-page report.

© 2019 Bloomberg
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Why is PIC and the auditors doing nothing about Steinhof’s sister company KAP, which was also smacked together by the very people that ran Steinhof in the very same way, who also have a convoluted balance sheet that is meaningless and over inflated with garbage like Steinhof.

End of comments.

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