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Message: [QUOTE="Queen, post: 87648, member: 27"] A R358.75 million fine just landed on a former Steinhoff executive's head for cooking the books during South Africa's worst corporate meltdown. Who is Stéhan Grobler [LIST] [*]Stephanus Johannes "Stéhan" Grobler served as company secretary, treasury head, and in-house legal counsel at Steinhoff. [*]Grobler held directorships in UK-registered Steinhoff entities from 2001 through 2017. [*]His role as managing director of Steinhoff Europe AG gave him direct sway over financial reporting. [*]FSCA nailed him for breaching sections 81(1)(a) and 81(1)(b) of the Financial Markets Act. [/LIST] What the penalty actually covers [LIST] [*]False or misleading financial statements for 2014, 2015, 2016, and half of 2017 triggered the fine. [*]Material facts were either misstated or completely left out of investor-facing reports. [*]Steinhoff's 2017 implosion erased over 95% of share value practically overnight. [*]Around 6.5 billion euros in irregular transactions got uncovered by forensic investigators. [/LIST] Grobler's fine in the bigger Steinhoff picture [LIST] [*]Former CEO Markus Jooste caught a R475 million penalty back in March 2024. [*]Ex-CFO Ben la Grange pleaded guilty to fraud involving a R376 million fake invoice. [*]Reserve Bank froze over R67 million in Grobler's assets last year. [*]Pension fund losses from the scandal reportedly hit around R24 billion. [/LIST] Criminal proceedings still looming ahead [LIST] [*]Grobler faces racketeering and multi-billion-rand fraud charges in Pretoria's Specialised Commercial Crimes Court. [*]Bail was set at R150,000 with travel restrictions to Gauteng. [*]His passport got confiscated, and regular police check-ins are mandatory. [*]Civil claims chasing back bonuses from the overstated years remain active. [/LIST] [/QUOTE]

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