Home Breaking News NPA claims Steinhoff is a victim of its own scandal

NPA claims Steinhoff is a victim of its own scandal

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NPA claims Steinhoff is a victim of its own scandal

The National Prosecuting Authority (NPA) continues to defend its decision to accept R30 million from Steinhoff, which is meant to fund its probe into the multibillion rand corruption scandal which nearly collapsed the retail giant.

Financial Mail had reported on Friday, 5 March 2021, that Steinhoff had agreed to give the NPA and the Hawks money to assist fund an investigation, wherein its regarded as an implicated party.

Early Newspaper

In December 2017, the company’s then CEO Markus Jooste resigned, within the midst of allegations of so-called ‘accounting irregularities’ – one of the greatest corporate scandals to ever rock South Africa.

Steinhoff footing the bill for NPA probe into “accounting irregularilities”

Steinhoff’s share imprint immediately plunged by 66% and went on to fall by over 90% as it emerged that the company had overstated profits and assets by nearly $12 billion. Steinhoff said it may perhaps be working with the authorities within the in depth investigation.

Speaking to SABC Information, the NPA’s Sipho Ngwema insists Steinhoff footing the bill for the probe digging deeper into the scandal, is not a warfare of passion.

“Of us must understand that first of all, that this is a unusual board that instituted the investigation against administrators that have left. So, if you understand this, the individuals all for these activities are long gone. The unusual board have also changed into complainants. They’ve given to the police and laid a criminal charge. They are paying for that. There is no money flowing into the authorities,” Ngwema said.

Auditing neighborhood PricewaterhouseCoopers (PWC) is sifting via more than three million information of proof in conjunction with emails and contents of laptops and cellular phones. The NPA said Steinhoff was particularly paying PricewaterhouseCoopers and emphasised that the implicated individuals have already left the company, so there have been no issues over interference.

“They are paying for that there is no money flowing from the authorities. They are paying for the companies that happen all the time. You can have seen in many cases have been individuals have been witnesses in abolish cases, for example, and then they finish up being suspects and they earn arrested, nonetheless they would possibly have assisted. There’s assistance right here that is given. All I’m saying is that somebody pays for the forensic file and in this particular case the individuals are not suspects, its unusual individuals; it’s a unusual board. The individuals that are implicated left the company.

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NPA claims Steinhoff is a victim of its own scandal