Steinhoff International suspends two former executives
Former CFO Ben La Grange and former director Stephan Grobler are the first Steinhoff executives to have action taken against them
In the first action against serving employees since it became the subject of one of the biggest corporate scandals in SA’s history, Steinhoff International Holdings on Tuesday suspended its former CFO and another former executive. The news coincided with speaker of the National Assembly Baleka Mbete giving her consent that former CFO Ben la Grange, together with former CEO Markus Jooste, be summoned to appear before the standing committee on finance next week. La Grange and fellow director Stehan Grobler were initially retained on a consultancy basis in the wake of the disclosure of accounting irregularities late in 2017, which fuelled a share slump that wiped off about R230bn of the company’s value. Steinhoff is also facing a lawsuit from aggrieved shareholders who could be seeking damages of as much as R185bn. “As part of the group’s ongoing investigation, the group has decided to suspend these consultancy arrangements,” a spokesperson for Steinhoff International said, confirming ...
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