Former Steinhoff director Stephanus Grobler granted bail
Grobler faces charges of racketeering, fraud, manipulation of financial statements and failure to report fraudulent activities
26 March 2024 - 11:52
byShonisani Tshikalange
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The Pretoria Specialised Commercial Crimes court on Monday granted former Steinhoff director Stephanus Grobler bail of R150,000.
He faces charges of racketeering, three counts of fraud worth R21bn, manipulation of financial statements and failure to report fraudulent activities.
According to the National Prosecuting Authority (NPA), it is alleged between 2014 and 2016 then-CEO Markus Jooste, who recently committed suicide, and Grobler conducted racketeering activities within the Steinhoff group.
“During that period it is alleged Jooste played a major role in the management of the criminal enterprise. Furthermore, it is alleged Grobler created documentation of transactions that supported the fraudulent transactions used to inflate and falsify the annual financial statement of the Steinhoff group,” said NPA spokesperson Lumka Mahanjana.
Steinhoff was a multinational holding company listed in Germany and SA and was officially liquidated on October 13 2023. Its holdings were in the retail sector, primarily in furniture and household goods, and included a 43.8% stake in the Pepkor group.
Asking the court to release him on bail, Grobler said he intended to plead not guilty to the charges and would prove his innocence.
The state opposed his bail application as it said Grobler committed a serious offence that carried a penalty clause of R1bn or a life sentence.
Mahanjana said the prosecutor told the court the accused was a flight risk because he was a “citizen of the world” with business connections all over the world.
Magistrate Nicca Setshogoe granted him bail on condition he reports to Brooklyn police station twice a week, on Mondays and Fridays.
“He should hand over his two passports to the investigating officer and he is not allowed to apply for a new one. He should hand over his two firearms to police. He is not allowed to leave Gauteng without informing the investigation officer. He must not interfere with state witnesses,” Mahanjana said.
“The matter was postponed to June 26 for the finalisation of investigations.”
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Former Steinhoff director Stephanus Grobler granted bail
Grobler faces charges of racketeering, fraud, manipulation of financial statements and failure to report fraudulent activities
The Pretoria Specialised Commercial Crimes court on Monday granted former Steinhoff director Stephanus Grobler bail of R150,000.
He faces charges of racketeering, three counts of fraud worth R21bn, manipulation of financial statements and failure to report fraudulent activities.
According to the National Prosecuting Authority (NPA), it is alleged between 2014 and 2016 then-CEO Markus Jooste, who recently committed suicide, and Grobler conducted racketeering activities within the Steinhoff group.
“During that period it is alleged Jooste played a major role in the management of the criminal enterprise. Furthermore, it is alleged Grobler created documentation of transactions that supported the fraudulent transactions used to inflate and falsify the annual financial statement of the Steinhoff group,” said NPA spokesperson Lumka Mahanjana.
Steinhoff was a multinational holding company listed in Germany and SA and was officially liquidated on October 13 2023. Its holdings were in the retail sector, primarily in furniture and household goods, and included a 43.8% stake in the Pepkor group.
Asking the court to release him on bail, Grobler said he intended to plead not guilty to the charges and would prove his innocence.
The state opposed his bail application as it said Grobler committed a serious offence that carried a penalty clause of R1bn or a life sentence.
Mahanjana said the prosecutor told the court the accused was a flight risk because he was a “citizen of the world” with business connections all over the world.
Magistrate Nicca Setshogoe granted him bail on condition he reports to Brooklyn police station twice a week, on Mondays and Fridays.
“He should hand over his two passports to the investigating officer and he is not allowed to apply for a new one. He should hand over his two firearms to police. He is not allowed to leave Gauteng without informing the investigation officer. He must not interfere with state witnesses,” Mahanjana said.
“The matter was postponed to June 26 for the finalisation of investigations.”
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