Picture: Supplied
Labelled as “one of the biggest cases of corporate fraud in the history of South Africa” by the National Prosecuting Authority (NPA), the Steinhoff case continued to unravel in its developments during 2024.
Steinhoff has been investigated by the NPA and the Hawks, following an audit revealed the company inflated its profits by R100 billion.
The multinational holding company listed in Germany and South Africa was officially liquidated in October 2023.
“The Steinhoff case, one of the biggest cases of corporate fraud in the history of South Africa, has been one of the most complex commercial crime cases that the [Hawks] and the NPA have had to deal with,” said the NPA spokesperson Lumka Mahanjana.
ALSO READ: NPA secures first conviction and sentence in Steinhoff fraud case
Former Steinhoff CEO Markus Jooste reportedly died in March 2024 after the Financial Sector Conduct Authority (FSCA) slapped him with a penalty of R475 million following its investigation.
It is alleged that Jooste committed suicide after being notified of the arrest warrants secured by the law enforcement agencies, “escaping the hands of justice”, said the NPA.
The Western Cape South African Police Services (Saps) confirmed that an inquest docket was registered at the Hermanus police station following the death of a 63-year-old man on that day.
“It is alleged that the victim sustained a gunshot wound at around 3:20pm at Kwaaiwater and succumbed to death on his way to the hospital. No foul play is suspected at this stage,” Colonel Andre Trout told The Citizen.
ALSO READ: Former Steinhoff CFO Ben la Grange gets five years jail time after guilty plea for fraud
Making slow progress, the NPA finally secured its first major convictions, including a guilty plea from Jooste’s friend.
Gerhardus Diedricks Burger was arrested by the Hawks on 26 September 2024 and further appeared at the Specialised Commercial Crime Court in Pretoria that day.
The 79-year-old was found guilty of acting on Jooste’s tip-off and sentenced to five years imprisonment for insider trading.
Mahanjana said Burger is required to testify in the criminal proceedings against his accomplices.
“The court issued a confiscation order for €90,000 (about R1.8m) seized by Swiss authorities after the collapse of Steinhoff.
“This is after Dr Burger pleaded guilty to three counts of insider trading and was convicted of such when he appeared in court.”
ALSO READ: Steinhoff: Ben la Grange’s sentence a missed opportunity for justice
Furthermore, former Steinhoff CFO Andries “Ben” la Grange was sentenced to ten years imprisonment.
Five years of his sentence was suspended after he pleaded guilty to one count of fraud that involved over R367 million.
La Grange appeared at the Specialised Commercial Crimes Court in Pretoria in October, facing charges of racketeering, fraud, and failure to report fraudulent activities.
His sentence marked the second conviction in the NPA’s Steinhoff cases.
One of the eighth implicated in the PwC report, accused Stéhan Grobler was stripped R67 million in late October by the South African Reserve Bank.
In addition, Grobler’s R871 652 trust at Momentum Wealth was also confiscated.
The notice of forfeiture was filed in the Government Gazette on 18 October by Fundi Tshazibana the deputy governor of the Prudential Cluster of the South African Reserve Bank.
According to the gazette, Grobler’s holdings include shares in several private businesses, such as Keurview Aandeleblok BPK, and Steff Grobler Beherende (Edms.) BPK, and Suez Beleggings.
Grobler appeared in the Pretoria Specialised Commercial Crimes Court in March on allegations of racketeering, three counts of fraud totalling R21 billion, financial statement manipulation, and failing to disclose fraudulent acts.
He informed the court that he would establish his innocence and would enter a not-guilty plea to the allegations. He was granted R150 000 bail.
NOW ALSO: Almost R67 million from Steinhoff accused forfeited to the state
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