Steinhoff Fraud Saga Continues: Bail Verdict for Grobler Awaited
In an ongoing unraveling of the multi-billion rand fraud scandal at Steinhoff, former executive Stephanus Grobler’s bail hearing has been rescheduled to Monday. Grobler made his appearance at the Pretoria Specialised Commercial Crimes Court on Friday.
The developments follow the arrest warrant issued for Grobler and ex-Steinhoff CEO Markus Johannes Jooste by the Hawks, South Africa’s Directorate for Priority Crime Investigation. In a shocking turn of events, it was reported that Jooste had taken his own life in Hermanus on Thursday, leaving Grobler to answer for the allegations of fraud and racketeering alone.
Hawks spokesperson, Thandi Mbambo, confirmed that Grobler surrendered to the authorities at Pretoria Central Police Station. Mbambo further elaborated on the nature of the allegations, “The allegations include amongst others fraud, a pattern of racketeering activities and contravention of the Financial Markets Act against Steinhoff International Holdings.”
In an earlier twist, the Financial Sector Conduct Authority (FCSA), South Africa’s financial market watchdog, had imposed a hefty R475 million fine on Jooste. This punishment came after he was found guilty of conducting fictitious transactions designed to falsely inflate the profits of the Steinhoff group. The deadline set by the FCSA for this payment is April 19.
The Steinhoff scandal first came to light in 2017 when the company came under investigation for suspected fraud. This led to Jooste’s resignation from his post, although he has continuously denied any involvement in accounting fraud.
