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Executives from Steinhoff, together with the Hawks, the National Prosecuting Authority, the JSE and other regulatory bodies will on Tuesday morning appear before a joint sitting of three Parliamentary committees.
On Friday Steinhoff made public an 11-page overview of a 3 000-page forensic report into Steinhoff. The report, by PwC, found that a “small group” of former executives inflated the profit and asset values of the Steinhoff group for years.
Du Preez says no regulators have access to the PwC report (12:15)
The Steinhoff CEO says the group will engage with regulators.
“At the moment none of the regulators have access to the full report,” he said. He says he is the only person at Steinhoff to have a physical copy of the report. Other people have electronic copies that “cannot be printed”.
He says Steinhoff will engage with regulators if they think they need access to the report. Carrim, meanwhile, tells regulators they should ask for the report.
Steinhoff CEO Louis du Preez has now mentioned the names of the people implicated in the PwC report (12:05)
The “small group of executives” mentioned in the PwC report are:
Markus Jooste
Dirk Schreiber
Ben la Grange
Stehan Grobler
Du Preez mentioned the names after being instructed to do so by the a resolution of the committee.
The names of non Steinhoff executives are:
Ziegermar Schmidt
Alan Evans
Jean-Noel Pasquier
“Mr Ramano”
Committee debates why names mentioned in the report are not public yet (11:50)
MPs have been discussing why Steinhoff have not made the names of the people implicated in the PwC report public yet.
Steinhoff has been advised by its lawyers not to make the names public, as it might compromise legal processes taking place in other jurisdictions, in particular the Netherlands, where Steinhoff is domiciled.
Carrim said whether Steinhoff reveals the names or not, they could potentially end up in the public domain through the media.
Advocate Frank Jenkins who has been investigating what steps SA Parliament can take without undermining processes in Holland, said that under the Powers, Privileges and Immunities (PPI) Act Parliament can request information to be revealed if it is in pursuit of Parliament’s mandate.
This means Parliament can force Steinhoff to reveal the names of those implicated in the report. In turn Steinhoff can rebut this on the grounds that it is not within Parliament’s mandate.
In that case, the committee can then summons Steinhoff to do so.
Why aren’t you releasing the report? – Alfred Lees (11:40)
DA MP Alf Lees asks Steinhoff leadership why it has said it is not (yet) releasing the PwC report to the FSCA. He asks whether it has more to do with the fact that Steinhoff fears that companies suing it would use that information in court, and less do with with confidential legal information.
He also asks Steinhoff chair Heather Sonn why she and other board members have not resigned as the fraud took place when she was part of Steinhoff’s board.
Steinhoff remains in precarious position – Sonn (11:25)
Steinhoff chair Heather Sonn says the group was still in a voluntary arrangement with creditors: “We have to get that to completion”, Sonn said.
She said Steinhoff needs to get finalisation of the arrangement with creditors to ensure operating companies can continue to operate.
Steinhoff is working on a remedial plan following the findings the PwC investigation, Sonn said. She added the board has resolved to pursue claims against implicated parties. Steinhoff will also pursue recovery of losses incurred and damages suffered.
Du Preez says no undertaking to give full access to report to FSCA (11:15)
While the FSCA earlier said it would be receiving the full PwC report from the Steinhoff, Du Preez said there was no undertaking yet to give the FSCA access to the report.
Du Preez said the financial effect of the accounting irregularities, which, according to the PwC report, overstated Steinhoff’s income and assets via irregular transactions by €6bn, will only be known when the 2017/18 financial results are released.
He said the report showed that “a small group of Steinhoff Group former executives and other non-Steinhoff executives, led by a senior management executive, structured and implemented various transactions over a number of years which had the result of substantially inflating the profit and asset values of the Steinhoff Group over an extended period.”
Steinhoff is working with Deloitte to finalise its 2017 and 2018 consolidated financial statements, while considering the findings from the forensic investigation. “The forensic findings may influence the nature of the audit opinion,” Du Preez said.
Sonn: We do not want to act in haste, jeopardise prosecutions (11:05)
Sonn says the global retailer has prioritised finalising its financial statements, completing a forensic report to uncover wrongdoing and is considering what legal processes to follow.
In response criticisms that Steinhoff did not act quickly enough against wrongdoers, she said it was important for legal processes to take their course.
“If we did anything on short term demand, it would have long-term consequences [for legal processes].”
Heather Sonn, Steinhoff chair, to present overview of PwC report (10:55)
Sonn, the chair of Steinhoff’s board, says the group will now present an overview of the PwC report. Steinhoff CEO Louis du Preez is also in attendance.
Sonn says she will not share anything that could stand in the way of a successful prosecution.
She says the 14-month PwC investigation was extremely complex. The complete report contains 14 000 pages, when annexes are included. She said 22 current and former directors were interviewed.
‘No budgetary constraints’ – FSCA (10:40)
“I have no budgetary constraint whatsoever,” says Topham of the Financial Sector Conduct Authority. He reiterated that Steinhoff was the FSCA’s number one priority but he could not give a timeframe for the completion of its investigation into the multinational.
Topham said the authority was set to soon receive the full PwC report from Steinhoff which is 3000 pages long and includes some 4000 annexes.
He said there was good international cooperation around investigations into the company.
No legal basis to withhold names – CIPC (10:30)
Rory Voller of the CIPC responded to questions about the legal basis for withholding the names of those implicated for wrongdoing at Steinhoff. He told the committee he believed there are no legal grounds to withhold names anymore.
The request was initially made by Steinhoff, so as not to jeopardise investigations by the SAPS, but said this may no longer relevant. He said Steinhoff must answer why the names cannot be revealed.
We need more money for enforcement – Newton-King (10:25)
Newton-King says more money is needed to “capacitate enforcement” by bringing in investigative capacity. The JSE CEO, in response to a question from Yunus Carrim, said further or more stringent regulations would not necessarily help.
“We have lots of good laws, people find a way around them. The ethical compass is off centre,” she said.
In response to a question around why proactive monitoring processes could not detect wrongdoing, she said if things are deliberately withheld they can be difficult to pick them up.
‘Jooste probably shopping now’ – Carrim (10:18)
Yunus Carrim, the chair of the oversight committee on finance, has said that former Steinhoff chair Markus Jooste is probably “jogging” or “shopping”.
“The public wants convictions,” he said. “We want people in those yellow outfits”.
DA MP David Ross, during a short discussion period, asked why it took the JSE so long to pick up irregularities at Steinhoff. His party colleague Alf Lees asked why the CIPC will not name people who have been investigated, specifically on what “legal basis” this decision was made.
Financial Sector Conduct Authority probing three Steinhoff offenses (10:00)
The head of investigations and enforcement at the FSCA, Brandon Topham, said the authority was investigating three offenses at Steinhoff: insider trading, market manipulation and false and misleading information.
He said that, for the next three to six months, the Steinhoff matter will be its number one priority.
Topham said the FSCA was awaiting the full PwC report, and had already received some of it.
Potential penalties would be known once the investigation was complete. Topham also asked anyone who had been advised to sell Steinhoff shares by executives to come forward as part of its insider trading investigation.
CIPC seeking to declare former directors delinquent (09:50)
The Companies and Intellectual Commission will be seeking applications to declare former Steinhoff directors as delinquent directors, the committee heard.
The CIPC said it was also working with the Hawks and NPA in terms of pursuing criminal prosecutions.
JSE has taken some disciplinary action against Steinhoff – CEO Nicky Newton-King (09:40)
Newton-King was first to give evidence. She told the committee that disciplinary action had been taken against Steinhoff and its subsidiary Pepkor. The JSE fined Steinhoff R1m for failing to disclose a downgrade in the immediate aftermath of reports of its accounting irregularities. The JSE similarly fined Pepkor R5m.
Newton-King said the JSE issued a consultative document in September 2018, with the purpose of working on proposals for the JSE to strengthen its regulatory approach to new and existing listings.
The document also provided information to enhance investor confidence in the secondary market trading in JSE listed securities. The JSE received 74 responses to the document, which were generally supportive.
She also said that the JSE could not freeze Steinhoff shares for not submitting its financials, as the company was dual-listed on the Frankfurt Stock Exchange. The FSE said it would not freeze the group’s shares, meaning the JSE could not freeze them either.
Newton-King said the JSE would still consult and consider the full PwC report.
Forensic probe
The PwC forensic probe found that an unnamed “senior management executive” instructed a small group of other executives to execute instructions, often with the assistance of a “small number of persons not employed by the Steinhoff Group”.Steinhoff said none of the executives identified in the PwC report are currently employed by the group.
The overview states that the small clique of executives used “fictitious and/or irregular transactions” to inflate the group’s profits and assets by about €6.5bn (roughly R105bn) between the 2009 and 2017 financial years.
* Follow this live blog throughout the day as further details unfold
No end in sight to load shedding
– Shortage of around 10 000 MW daily.
– Will have clarity on exact interventions and timeframe in two weeks.
– Eskom/task team/government hoped to have stabilised grid by end of January, but new challenges emerged.
– Main issue is lack of maintenance at power stations, not done properly for last decade, now breaking down.
– Between Feb 2017 and Feb 2018 system tripped 300 times, between Feb 2018 and Feb 2019 it tripped 495 times.
– Four options: (1) import electricity (2) burn diesel (spent R4,5 bn the last four months to keep turbines going) (3) build new power stations and (4) load shedding.
– Problems structural, financial, operational.
– Internal resistance against reform and restructuring process, state capture elements still prevalent.
Duties & Responsibilities (6x Months Production Temp) Source talent for vacant positions and screening CV’s of potential candidates. Setting up interviews with Line Managers and potential candidates. Conduct interviews with all potential candidates and relevant line managers. Assist line managers and staff in identifying appropriate EAP’s and wellness programs required to address staff needs. Develop, implement and manage administrative processes and require standards. Assist in compiling various HR reports and metrics that enable business decision making Facilitate induction and on boarding for new employees. Manage all SAP Administrative functions Liaise with external clients (medical aid, provident fund consultants and recruitment agencies). Complete necessary documentation as needed by the department of labour and understanding UIF. Ensure that all HR documents are completed and processed accurately, on time and filed accordingly for all new starters. therecruitmentguy@outlook.com
Experienced Chef de Partie. Pick Me Recruitment (Pty) Ltd – Stellenbosch, Western Cape. Requirements: An upmarket restaurant in the Stellenbosch region is looking for a qualified Senior Chef de Partie. Requirements & Qualifications for this position: Minimum 3+ years’ experience Formal Training / Diploma . Neat with high regard for personal hygiene and presentation . The ability to run a section effectively and efficiently Good communication skills Able to work flexible hours, weekends and holidays To apply, please forward your CV and updated profile photo to info@pmrecruitment.co.za Due to the high volume of CV’s received, only shortlisted candidates will be contacted
| Remuneration: | Market related |
| Location: | Cape Town |
| Education level: | Degree |
| Job policy: | Employment Equity position |
| Type: | Two-year c |
| Reference: | #Ref. UBH/076/0319 |
Stellenbosch University
Division of the Chief Operating Officer
Part-time (4/8) Communication Specialist: Responsibility Centre of the Chief Operating Officer
(Two-year contract appointment)
(Ref. UBH/076/0319)
The Responsibility Centre of the COO is comprised of the following divisions: Finance, Information Technology, Innovus, Maties Sport and Facilities Management. This wide ranging and complex Responsibility Centre is responsible for most of the operational aspects of Stellenbosch University.
Duties:
The purpose of the position is:
Communication Strategy:
Media Relations:
Digital Communication:
Speech and Specialised Writing:
Requirements:
Recommendations:
Commencement of duties: 1 May 2019
Closing date: 27 March 2019
Enquiries regarding this post: Ms N van den Eijkel on 021 808 3918 or at
az.ca.nus@lekjiedv
Enquiries regarding remuneration/benefits as well as technical assistance with the electronic application process: Human Resources Client Services Centre on 021 808 2753
The University will consider all applications in terms of its Employment Equity Plan, which acknowledges the need to diversify the demographic composition of the staff corps, especially with regard to the appointment of suitable candidates from the designated groups.
The University reserves the right not to make an appointment.
Your application, comprising a comprehensive curriculum vitae (including the names and e-mail address of at least three referees), must reach the University before or on the closing date of the advertised post.
Apply online at www.sun.ac.za/english/careers
The University reserves the right to investigate qualifications and conduct background checks on all candidates.
Should no feedback be received from the University within four weeks of the closing date, kindly accept that your application did not succeed.
Posted on 19 Mar 11:52
APPRENTICE MAINTENANCE TECHNICIAN/EAST LONDON, must be willing to work under Supervision. This position will suit a young matriculant. Requirements: • Grade 12/Matric • Must have Technical Knowledge /background • Valid Driver’s License and own transport essential. The suitable Candidate will be responsible for: • Diagnosing problems, Perform repairs and Service Compressors and other machinery and equipment. Salary: R5,000 + benefits. Application Process: It is imperative that when applying for this position you make use of the reference number otherwise your application will not be considered – Vacancy Reference no: WAAMP0219 Salary: R5,000.00 Job Reference #: WAMT0119 Consultant Name: Loretta Davis. staff@workafrica.co.za
Cape Town – The Proteas squad for the 2019 World Cup is largely settled.
The captain and coach will always leave the door slightly open for other players, but reading between the lines it is clear that almost all 15 names have been decided on.
There is one exception, though, and Hashim Amla’s participation at the World Cup remains uncertain.
His ODI record is superb – he averages almost 50 at a strike rate of almost 90 – but Amla has been sidelined over the past few weeks because of personal circumstances.
With his father critically ill, the 35-year-old has put his World Cup charge on ice, and understandably so.
The problem is that Amla been struggling to find consistently good form for several months now. The five-match ODI series against Sri Lanka would have been the perfect opportunity to assess what kind of touch he was in, but he did not feature at all.
Absent from the squad for the upcoming three T20s against Sri Lanka too, Amla will not wear a Proteas strip again before the World Cup.
It leaves coach Ottis Gibson, skipper Faf du Plessis and the Proteas selectors with much to consider.
While Reeza Hendricks appeared to be next in line to the opening slot in Amla’s absence, Aiden Markram seems to have now muscled his way in following a superb run of form in the Momentum One Day Cup and then a 67* at the top of the order in the 5th ODI against Sri Lanka on Saturday.
If Amla is left out of the World Cup squad, it is a decision that will almost certainly ruffle feathers in the South African cricket community.
“You’d want to pick on form, but if there is no form to go with then you have to look at reputation I guess,” Gibson told media in Cape Town on Monday ahead of Tuesday’s first T20I at Newlands.
“That’s something that we will have to look at, obviously with regards to Hash, because he has not played any cricket for a long time now because of his family situation.
“When we sit down to discuss the team that will be one of the things we have to consider.”
Amla could potentially play the remainder of the One Day Cup with the Cape Cobras – they have two pool fixtures remaining – while there is also the domestic T20 competition before the World Cup.
It may not be international cricket, but runs domestically will at least give the selectors some reassurance that Amla is batting at the level he needs to.
The squad for the first T20I is the same as the ODI squad that finished the series against Sri Lanka, but it will change significantly for the second and third T20Is at Centurion and the Wanderers.
One name that stands out in that second squad is Chris Morris.
With Dwaine Pretorius and Andile Phehlukwayo the front-runners to be selected as the specialist World Cup allrounders, Morris looks to be completely out of the running.
But, speaking on Monday, Gibson suggested that there was always a chance for somebody to use the T20 series against Sri Lanka to make one last play at the World Cup.
“I’m not too sure about the IPL but playing international T20s you will always have an opportunity,” he said.
“We have always looked at it like a Ryder Cup selection where the Ryder Cup captain has a wildcard pick.
“There is still an opportunity and if somebody comes and does something unbelievable within the next couple of games, then there is still an opportunity for the selectors to consider that person.”
Tuesday’s first T20I starts at 18:00.
It started with a scratchy throat.
Then his legs suddenly went numb.
Now, two weeks later, a matric pupil at Hoërskool Tuine in Pretoria is completely paralysed and on a ventilator — and doctors still don’t know what’s causing it.
It’s the worst kind of hell, one that only a parent can understand, Giani Hendricks (47) told YOU on Wednesday.
He says to see his son, Giovanni, lying in the high-care unit of the Kalafong Hospital, west of Pretoria, and being unable to do anything to help him, is breaking his heart.
Giovanni’s story has touched many across the world and Giani and his wife, Elize (39), say they’re receiving hundreds of messages of encouragement each day from far and wide.
Possible attack on the nervous system?
On 25 February Giovanni complained to his mom of a scratchy throat when he got home from school.
About eight years ago he’d suffered from Guillain-Barré syndrome and he was convinced the condition, which attacks the nervous system, was back.
“I was still at work but Elize tells me he became very emotional because he suddenly couldn’t swallow anymore. He was scared the condition was back. His mother tried comforting him and told him to lie down for a bit,” Giani recalls.
“She fetched the Bible and anointing oil and prayed for him. But later that evening, when I got home, his condition had deteriorated.”
When Giovanni was diagnosed with Guillain-Barré seven years ago, he’d spent 11 days in hospital but he made a full recovery.
This time, the same symptoms occurred. Later that evening he was unable to speak or swallow.
The next morning, 26 February, Giovanni was completely paralysed — he could only blink.
“We called the ambulance, which took him to the Pretoria West Hospital. The specialist asked for him to be transferred to Kalafong but because we had to wait so long for the ambulance, they put Giovanni on a ventilator in the emergency room,” Giani says.
“It’s impossible to describe what’s going through your mind… You’re scared — no, terrified. You don’t want to see your child like that.”
Later that day Giovanni was transferred to Kalafong Hospital, where he’s still in the high-care unit.
Waiting for a conclusive diagnosis
In the two weeks since he was admitted to hospital, his eyelids also became paralysed, but he’s since recovered the use of them. He’s still on a ventilator and has to be fed through a feeding tube.
Giani says the hardest thing is that doctors still don’t know exactly what’s wrong with his son. The possibility that it’s Guillain-Barré again hasn’t been excluded, but more tests are needed for a conclusive diagnosis.
“I only have praise for the doctors and hospital personnel – they’re really caring for Giovanni. But I can’t lie, it’s a tough time. We get messages from all over the country from people who are saying, ‘Have you tested for this?’ Or, ‘Consider these options.’
“Each time you get excited all over again; you’re hoping it’s the answer. But doctors assure us their tests are comprehensive — and that there just aren’t any answers yet.”
For now doctors are waiting to see how Giovanni responds to new medication. They also plan to send more blood samples to the lab for analyses.
Giani says he and Elize and their younger son, Elandré (13), are depending on their faith to carry them through one of the most trying times in their lives.
“Yes, it’s incredibly frustrating to know your child is gravely ill and as a parent you’re completely helpless. But the Lord watches over my child. We pray and we hope — and believe there’ll be deliverance.”
Image credit: Supplied
