JOHANNESBURG – Three parliamentary committees will conduct an inquiry into the Steinhoff saga and have lined up most of the key role players to make presentations. Steinhoff’s share price went into a tailspin after disclosures that its financial statements could not be relied on because of “accounting irregularities.”
The nature of the irregularities is still under investigation. The three committees that will combine for a one-day hearing next Wednesday are the finance committee, the public service and administration committee and the public accounts committee.
The draft programme will include presentations by Steinhoff, the JSE, the Treasury, Reserve Bank, the Financial Services Board, Independent Regulatory Board for Auditor, the Government Employees Pension Fund and the Public Investment Corporation.
Finance spokesman of the DA David Maynier has expressed concern that the programme might be “dysfunctional” because a “mere” 30 minute was allocated to Steinhoff International Holdings to present, which he felt was insufficient.
“There is no way that members of three committees will be able to effectively cross examine witnesses from Steinhoff International Holdings in 30 minutes,” Maynier said in a letter to finance committee chairman Yunus Carrin.
Mayniers also expresses how unfortunate it was that auditors Deloitte DV in Germany and Deloitte SA would not be at the public hearing given they refused to sign off on Steinhoff’s financial statements.