Steinhoff Investigations on Track – NPA

Written by on 4 March, 2021

By: Zilungile Mkhize

The National Prosecuting Authority (NPA) says investigations into one of the country’s biggest corporate fraud cases, known as the Steinhoff saga, are unfolding well.

The confirmation by the NPA, comes as German authorities have announced that three former executives of Steinhoff have been charged for balance sheet fraud.

Their names are being kept a secrete for now, but former CEO Markus Jooste is believed to be one of them.

They are accused of presenting misleading balance sheets between July 2011 and January 2015.

The South African-based international retailer’s share price plunged more than three years ago, leading to the country’s largest-ever private sector accounting fraud scandal involving R21-billion.

NPA Spokesperson, Sipho Ngwema, has told the public broadcaster that they are making good progress on the matter.

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