SAICA to investigate two members named in Steinhoff scandal

Ex-CEO Markus Jooste and ex-CFO Andries le Grange were implicated in the PwC report.

SAICA is investigating Markus Jooste (pictured), former Steinhoff CEO, and Andries la Grange, former Steinhoff CFO, in the wake of the release of the names of eight individuals who were implicated in the Steinhoff scandal. 

On 15 March, Steinhoff International Holdings N.V. released the PwC report into the various misdeeds allegedly committed by the company. On 19 March, following a discussion between a number of parliamentary committees, the names of the eight people were published. 

Jooste and La Grange are both members of the South African Institute of Chartered Accountants (SAICA). 

In a press release, SAICA said that they investigate all instances of alleged improper conduct by members, including member involvement in unethical business practices which are in contravention of the SAICA Code of Professional Conduct. 

“SAICA takes matters like these seriously and would like to reiterate that any SAICA member found to have contravened the SAICA Code will be held accountable,” the statement said. 

SAICA will request details from Steinhoff in order to provide input to their own investigative and disciplinary procedures, considering that other CAs and members could be implicated. 

SAICA CEO Freeman Nomvalo said: 

“SAICA is working to restore trust in the profession and ensure that our members, irrespective of the roles they happen to occupy, operate in the public interest. For this reason, we will leave no stone unturned in our quest to ensure that any CA(SA) who is found to have transgressed the SAICA Code is dealt with appropriately. Investigations and disciplinary processes do take time to ensure appropriate due processes are followed and that a fair and proper outcome is achieved. SAICA members who fail to uphold the highest ethical and professional standards compromise our public and private sector institutions and our economy as a whole."