March 15, 2019 / 3:45 PM / 5 months ago

Steinhoff overstated profits for several years - PwC investigation

JOHANNESBURG, March 15 (Reuters) - South African retailer Steinhoff overstated profits over several years in an accounting fraud uncovered 15 months ago that has entangled top management, independent investigators said in a summary report released on Friday.

“The PwC Report finds that it appears that the Steinhoff Group entered into a number of transactions (some of which were fictitious or irregular) with allegedly independent third party entities which resulted in the inflation of profits and asset values,” the report posted on Steinhoff’s website showed. (Reporting by Tiisetso Motsoeneng Editing by Alexandra Zavis)

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