Government intensifies investigation into Steinhoff

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Ayanda Mdluli

JOHANNESBURG- Finance Minister Malusi Gigaba said on Wednesday that various organs of state are working to ensure that Steinhoff International is held accountable for its cases relating to tax fraud and accounting irregularities that rocked the global retailer earlier this year.

Delivering his budget speech in Cape Town Gigaba said: “Government notes recent exposure of fraudulent accounting practices involving Steinhoff, resulting in large losses for many retirement and institutional funds. Government regulators, namely, the Financial Services Board, Independent Regulatory Board of Auditor and other regulators have initiated investigations which are currently in progress and are working with overseas regulators to ensure that those at fault are made to account for their crimes,” he said.

He further noted President Cyril Ramaphosa’s State of the Nation Address (SONA) where he said:

“We must fight corruption, fraud, and collusion in the private sector with the same purpose and intensity.”

Gigaba added: “It is vital that we subject corporate corruption to the same amount of scrutiny and ensure, among others, that we implement the IRBA recommendations on Mandatory Audit Firm Rotation (MAFR) in order to ensure the rigor of the audit process and independence of Audit Committees and Firms,” he said.

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