TREASURY SAYS IT HAS NOTED WITH GRAVE CONCERN THE STATEMENT BY STEINHOFF INTERNATIONAL...
Posted on: 08/12/2017

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TREASURY SAYS IT HAS NOTED WITH GRAVE CONCERN THE STATEMENT BY STEINHOFF INTERNATIONAL...
SABC News Western Cape | National SA News | NARI

8 Dec 2017, South Africa: The Treasury says it has noted with grave concern the statement by Steinhoff International with regards to accounting irregularities in its recent financial statement.

Finance Minister, Malusi Gigaba, says he supports the decision by the Financial Services Board to institute an independent investigation into the alleged false and misleading reports by Steinhoff, as stipulated by the Financial Markets Act.

Gigaba has also welcomed an internal investigation by the Johannesburg Stock Exchange. In a statement treasury says it is mindful that many retirement and savings fund have been affected by the loss of the value of Steinhoff.

The minister has requested the retirement's Fund regulator at the FSB, the PIC and government Employees Pension Fund to provide him with a report on the extent of exposure for retirement funds. Treasury urges corporates to provide accurate reporting on its financials and to maintain the highest practices of good governance."





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