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Steinhoff CEO to answer in South Africa's parliament

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Staff Writer | August 22, 2018
Markus Jooste
Africa   CEO Markus Jooste

South Africa's parliament on Tuesday summoned Steinhoff's former chief executive and ex-chief financial officer to give evidence in an inquiry over the accounting scandal at the firm.

Former CEO Markus Jooste, who is under fraud investigation by the South Africa police, resigned in December when Steinhoff uncovered accounting irregularities that sent its share price crashing.

The former CFO Ben la Grange will also be summoned to give evidence to the Standing Committee on Finance. The hearing will take place on August 29.

Steinhoff is fighting for survival after revealing multi-billion euro holes in its balance sheet that wiped away more than 90 percent of its market value and forced it to sell assets to raise working capital.

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