Ex Retailer Finance Chief Admits To Knowing About Dodgy Deals
Steinhoff international who changed their name to Greenlit Brands in Australia, because of the corruption allegations associated with their South African parent Company, is facing new problems after the Companies ex-head of finance in Europe said he knew about sham deals at the retailer.
In Australia Greenlite brands is run by Michael Ford the former CEO of The Good Guys, they changed their name 4 years ago as various authorities probed the accounts of the business.
Back then the business owned a portfolio of retailers including Snooze, Plush, OMF, Best & Less, Harris Scarfe and Postie, as well as Freedom and Fantastic, some of the those business have since been sold off.
The business recently booked millions of dollars in restructuring expenses due to supply chain shocks and rising costs caused by the pandemic.
Steinhoff International Holdings NV’s ex-head of finance in Europe said he knew about sham deals at the retailer and intends to give German prosecutors more evidence to bolster their case, making him the first person connected to scandal-hit firm to admit to such wrongdoing.
Markus Jooste, Steinhoff’s ex-Chief Executive Officer, failed to show up to his German trial in April and now prosecutors are weighing whether to issue an arrest warrant for the 62-year-old.
This week Dirk Schreiber told a German court that he shouldn’t have accounted for the bogus business deal.
Schreiber is scheduled to appear in court again with co-accused Siegmar Schmidt on June 19, the court said in a statement on Wednesday.
The two men were among eight people that were named by the company in 2019 following a forensic probe by auditor PwC that uncovered $7 billion of irregular transactions with eight firms over eight years.
Schmidt, who previously told the court he always thought the transactions were valid and he acted on orders by Jooste, has now said he’d like to take part in talks with prosecutors, according to the statement.
Schreiber has additionally been charged with credit fraud and said he intends to comment on that during the next meetings.
German authorities first searched the offices of Steinhoff Europe Group Services GmbH in 2015 — two years before the parent company’s demise — and only a couple of days before the retailer’s listing on the Frankfurt Stock Exchange.



































































































