Question

in your word, to discussion Steinhoff International financial fraud by using the fraud triangle (150 words)

in your word, to discussion Steinhoff International
financial fraud by using the fraud triangle (150 words)

Homework Answers

Answer #1

The Fraud triangle is a framework designed to explain the reasoning behind a worker's decision to commit workplace fraud. The three stages, categorised by the effect on the individual, can be summarised as pressure, opportunity and rationalisation.

Steinhoff has expanded aggressively over the past three years and has completed acquisitions in South Africa, the U.K. and the U.S. The company’s brands include low-cost sub-Saharan Africa chain Pep, Conforama in France and The Mattress Firm in the U.S. The company will announce third-quarter earnings on Aug. 31.

Steinhoff’s African unit is poised to take a 22.7 percent stake in Shoprite Holdings Ltd., Africa’s largest grocer, which will allow South African billionaire Christo Wiese to combine his retail assets on the continent after a proposed merger of the two companies fell through earlier this year.

Steinhoff said at the time it was “fully committed” to support the probe and Thursday reiterated it has “engaged constructively” with the authorities. “No further investigations have been initiated nor any searches conducted as alleged in the article,” the company said.

The company is involved in ongoing civil litigation -- including with a former joint-venture partner -- and the outcome “should result in monetary remedy to be paid by the group,” Steinhoff said. However, “the payment of any such monetary remedy would not have a material adverse effect on the trading and/or financial condition.”

Prosecutors suspect inflated revenue was reported on the balance sheets of units owned by the discount retailer, according to Manager-Magazin, which attributed the information to unidentified people at the prosecutor’s office. The sums involved are in the three-digit-million euro range, the magazine said.

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