The sheer scale of investigations will take months, if not years, to produce enough substantial evidence to begin prosecution against Markus Jooste in the Steinhoff scandal
With the investigation into Markus Jooste and Steinhoff spanning numerous jurisdictions, the task of sorting through the mess is no easy feat.
Different languages, accounting standards and laws add layers of complexity to an already complicated situation.
PwC missed it’s December deadline despite putting its finest forensic accountants to work sorting through the Steinhoff confusion.
With the world waiting, the new deadline for the forensic report is February 2019.
Unfortunately, only an overview of the report will be published, with the full report being legally privileged and used in the upcoming legal proceedings.
The group’s audited financial statements for last year will be published in April but the financial statements for Steinhoff Investment Holdings will only be released afterwards.
The scandal has highlighted that not all technological ideas will produce the next must-have, that growth overseas is not always the best route to take, and that picking a share out of fear for missing out on the next big ticket item could prove an expensive mistake.
In order to successfully investigate white-collar crime requires the efforts of a large team of experienced forensic investigators and can take years to unravel to the point where it can go to court.
Although Steinhoff collapsed toward the end of 2017, the PwC report can only produce findings, it would then rely on the Hawks to start an investigation and the Financial Sector Conduct Authority would then need to explore allegations of insider trading.
For now, there is what has been described as a vacuum of information. It remains highly unlikely that any court dates have been set for the near future and in turn, any resolution is even further away.
Unsurprisingly, Jooste can carry on with life as normal, while the slow wheel of justice turns.
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