R125bn in fictitious, irregular revenue flowed through Steinhoff’s accounts

Nicola Mawson

Some €6.5 billion – or R125bn – flowed through Steinhoff's books between 2009 and 2017 when the lid was on what is South Africa’s biggest corporate scandal to date was blown. This information is contained in a PwC investigation into the company, which Business Report secured through a Promotion of Access to Information Act application. Overall, eight companies are listed in the report as having been used by Steinhoff to artificially inflate its revenue. PwC stated that this income was recorded by the now defunct company for the financial years between 2009 and 2017. Then external auditors, Deloitte, raised issues with Steinhoff’s accounting practices in 2017, which resulted in Steinhoff losing 97% of its market capitalisation between August 2017 and March 2019 as investors reacted to the news. PwC explained…

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Star South Africa (Digital) - 1 Issue, 2025-03-07

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