Steinhoff Pressured to Halt ‘Unseemly’ Director-Bonus Plans

Steinhoff International Holdings NV, the retailer that’s lost more than 90 percent of its value since an accounting scandal erupted in December, has been urged by South African lawmakers to shelve plans to pay its directors bonuses.

This means that Steve Booysen, who has been a Steinhoff director since 2009, may not soon receive an extra 200,000 euros ($247,800). His colleagues Heather Sonn and Johan van Zyl may also have to wait for their proposed 200,000 euros and 100,000 euros bonuses respectively. Shareholders of the retailer, which has lost more than $12 billion in value, are scheduled to vote on the Frankfurt- and Johannesburg-listed company’s plans on April 20.

Auditor PricewaterhouseCoopers LLP, which was hired in December to probe Steinhoff’s accounting irregularities, said it plans to complete its investigation by the end of the year. It has set up 14 work streams to examine 700 Steinhoff-linked entities in more than 30 jurisdictions, Louis Strydom, who heads PwC’s African forensic services unit, said at the hearings. It’s analyzing mobile phone records and has scanned over 330,000 documents, he said.

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