Stephanus Grobler
Former Steinhoff International Holdings NV executive, Stephanus Grobler, faced multiple charges including racketeering and fraud when he appeared in the Pretoria Specialised Commercial Crimes Court this Monday. Amid allegations involving fraudulent activities totalling R21 billion, Grobler has been granted bail set at R150,000.
Stephanus Grobler, who formerly served on the board of the global retail giant, is charged with several severe offences, including three counts of fraud, manipulation of financial statements, racketeering, and failure to report fraudulent undertakings. His court appearance marked a significant development in the long-running saga that has marred the reputation of Steinhoff.
The National Prosecuting Authority’s spokesperson, Lumka Mahanjana, stated that the offences were carried out between 2014 and 2016, in collaboration with the then CEO of Steinhoff, Markus Jooste, who has been reported deceased. Allegedly, Grobler was instrumental in creating the fraudulent documents fuelling the inflating and falsifying of the Steinhoff Group’s annual financial statements.
In his affidavit read out in court, Grobler conveyed his intention to plead not guilty, asserting that he would establish his innocence. Despite the severity of the charges, he requested to be released on bail.
Mahanjana continued to highlight the prosecution’s stance, having initially opposed the bail application, citing the grave nature of the charges and considering Grobler a flight risk.
Magistrate Nicca Setshogoe, presiding over the case, ultimately decided to grant bail on stringent conditions. Grobler is obligated to check in at the Brooklyn police station twice weekly, relinquish his two passports, and his right to secure a new one, as well as surrender his two firearms to law enforcement. He is bound to remain within Gauteng province barring any notification to the investigation officer and is expressly prohibited from interacting with witnesses of the state.
The Steinhoff financial scandal is one of South Africa’s largest accounting frauds, and Grobler’s trial is a pivotal piece in the broader investigation. The matter is set for a follow-up hearing on the 26th of June, 2024, as the legal proceedings continue to unravel this complex financial web.
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