Parliament, Thursday, 30 August 2018 – The Standing Committees on Finance; the Standing Committee on Public Accounts (Scopa); the Portfolio Committees on Trade and Industry and; the Portfolio Committee on Public Service and Administration had a 10-hour oversight meeting on Steinhoff matters on Wednesday.
The meeting included the Steinhoff supervisory board and management, former Steinhoff Chief Executive Officer, Mr Ben La Grange, the Johannesburg Securities Exchange, Companies and Intellectual Properties Commission, Financial Services Conduct Authority, Independent Regulatory Board for Auditors and the Hawks.
The Committees feel that, overall, the regulators have made some progress since our March meeting with them in pursuing those who committed irregularities in Steinhoff but we feel that they should and can do more and need to do so expeditiously.
“Our prime concern though is the abysmal performance of the Hawks. Of course, we realise the complex and global nature of the investigation, but it’s clear that the Hawks are doing very little beyond having meetings with no results. The Hawks need to be provided with the necessary capacity and the resources to conduct an effective and expeditious investigation. This could include drawing in expertise from elsewhere,” said Mr Yunus Carrim, Chairperson of the Standing Committee on Finance.
Speaking on behalf of the committees, Mr Carrim said after all the collapse of the Steinhoff shares is the biggest corporate scandal in South Africa’s history, and those responsible must be made to pay. “The private sector in this country gets away too easily with its crimes,” said Mr Carrim.
There were huge discrepancies between the accounts of the Hawks and Steinhoff on the extent of cooperation between them and the Committees have recommended that they meet urgently and report back in writing on progress within two weeks.
The committees will write to the Police Minister, Mr Bheki Cele and the Chairperson of the Portfolio Committee on Police, Mr Francois Beukman, to urge them to ensure that the Hawks do their Steinhoff investigation effectively.
The Committees will meet with former Steinhoff Chief Executive Officer, Mr Markus Jooste, on 5 September.
Wilma Newhoudt-Druchen, Portfolio Committee on Public Service and Administration Acting Chairperson
ISSUED BY THE PARLIAMENTARY COMMUNICATION SERVICES ON BEHALF OF THE CHAIRPERSONS OF THE STANDING COMMITTEE ON FINANCE, MR YUNUS CARRIM; THE STANDING COMMITTEE ON PUBLIC ACCOUNTS, MR THEMBA GODI; THE PORTFOLIO COMMITTEE ON TRADE AND INDUSTRY, MS JOAN FUBBS; THE PORTFOLIO COMMITTEE ON PUBLIC SERVICES AND ADMISTRATION MS WILMA NEWHOUDT-DRUCHEN
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