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Steinhoff: Objectivity and the PWC Report:
The CEO, Mr Louis Du Preez, served at Werksmans.
Steinhoff instructed PWC to conduct a forensics investigation.
The instructions to PWC came from Werksmans on behalf of Steinhoff.
Both PWC and Steinhoff are key clients of Werksmans.
Werksmans, therefore, was serving both clients, with Steinhoff therefore being able to completely manipulate the investigation via Werksmans.
Thus, objectivity was no longer guaranteed.
www.saflii.org/za/cases/ZAWCHC/2022/265.pdf
Is this the reason why Steinhoff refuses to disclose the report, despite the Court ZA decision to full disclosure?
Key clients Werksmans: PWC & Steinhoff and....
Hedgefund Silverpoint (one of the creditors who are keen to a handover Steinhoff for ZERO)
www.legal500.com/firms/...ape-town-south-africa/?mode=preview
'The Supervisory Board and the Management Board (together, the “Boards”) of Steinhoff International Holdings N.V. (“SIHNV”) have now received a report prepared by PricewaterhouseCoopers Advisory Service Proprietary Limited (“PwC”) setting out their findings following the investigation initiated at the request of the Supervisory Board in December 2017 on the instructions of Werksmans Attorneys (“PwC Report” or “Report”).
PwC’s findings are the product of a wide ranging review over fourteen months’ work during which time a large team of PwC professionals was engaged in investigations in South Africa and other relevant jurisdictions. In the course of its investigation PwC has collected, reviewed and processed an enormous amount of information and data. The PwC Report itself is in excess of three thousand pages with over four thousand documents as annexures.
The content of the PwC Report is being considered by SIHNV and its advisers and is being used to assist production of the Group’s financial statements for FY2017 and FY2018 and to assist decision making on areas for further investigation and remedial work'.
Note : More Interesting clients Werksmans: Silverpoint Capital (creditor Steinhoff) and Petra Diamonds (connected with Alexandra Watson). PIC also a client of Werksmans.
www.cnbcafrica.com/2019/pwc-steinhoff-report-out/
www.icij.org/investigations/luanda-leaks/...sabel-dos-santos/
Objectivity and the WHOA procedure part 1:
Our Steinhoff observer Mr. Willem Meijer is going to observe the procedure WHOA. The documents for the WHOA have been produced under the supervision of our beloved Commissioner, Mr Wakkie But what's geburt? Meijer and Wakkie sitting next to each other at the Centric table ....
www.centric.eu/nl/over-centric/...zijn/ontmoet-onze-directie/
For the people who can understand Dutch: you can hear Mr Wakkie talking about Mr Meijer: Podcast behind closed doors S1.7:
podcastluisteren.nl/pod/...hter-Gesloten-Deuren: Episode 7, about the Ondernemerskamer ooo.34 S17
Then the other observer, Mr. Verhoeven, who hired EY last year for the hedge funds as advisor for the financial documents. EY was already in the picture for the forensic investigation Wirecard scandal
Objectivity and the WHOA procedure part 2:EY:
EY is in possession of more underlying documents than the shareholders, as we could read in the WHOA documents.The deal with the creditors to extend the loan until 2026 and expropriate the shareholders was already known in summer 2022. The Board deliberately withheld this information until December 15, 2022, and continued with misleading information regarding the restructuring plan. About the financial situation/insolvency, nothing was known until December 15, 2022.
The Board has failed to inform the market and shareholders.No full disclosure all functions by the Boards, therefore violating the Dutch Corporate Governance Code.
Conflict of interest the Boards and advisers/consultants: EY-Steinhoff:
Supervisory Board Member Steinhoff, Mrs. Alexandra Watson is deeply connected to EY. But she ordered EY to proceed a 'Fairness Opinion': a demonstrable conflict of interest is the result.
www.ey.com/en_za/news/2022/09/...grated-reporting-awards-2022
www.ey.com/en_za/news/2021/09/...n-integrated-reporting-award
assets.ey.com/content/dam/ey-sites/ey-com/...p-2021-final.pdf
www.ey.com/en_za/news/2020/10/integrated-reporting-awards-2020
Stay tuned!