With prosecutors expected to finalise the charge sheet by 17 June, investors in the collapsed Steinhoff empire are hoping the long-awaited reckoning for the 2017 accounting scandal is finally near.
The next court appearance for three former senior managers has been set for 3 September.
Stéhan Grobler, former Steinhoff executive director, turned himself in to the Hawks on 22 March 2024, just a day after former chief executive Markus Jooste died by suicide in Hermanus. Grobler faces charges of racketeering, fraud, financial statement manipulation, and failure to report fraud. He has vowed to clear his name.
Two other former executives, Iwan Schelbert and Hein Odendaal, handed themselves over in February. They face multiple charges under several laws, including the Prevention of Organised Crime Act and the Companies Act. Both have stated that they will plead not guilty.
Schelbert, once the managing director of Steinhoff At Work, was involved in approving the group’s financials, while Odendaal held senior roles in UK-based affiliates and oversaw financial statements at Steinhoff At Work and Steinhoff Africa Holdings.
Read: How the Steinhoff Group propped up its profits
Read: Steinhoff former execs accused of reaping hundreds of millions through ‘fraudulent efforts’
The trio appeared in the Pretoria Specialised Commercial Crimes Court on 30 May and requested their bail conditions be relaxed. The court agreed – they’ll now report to the police every second week instead of weekly.
State prosecutor Advocate Dries van Rensburg asked for a four-month postponement to finalise investigations and obtain a racketeering certificate. Magistrate Nicca Setshogoe granted the delay and confirmed the case will move to a higher court because of its complexity.
According to a BusinessLIVE report, the extra time will allow the prosecution to finalise investigations and secure a racketeering certificate, while prosecutors were also waiting for an affidavit from witnesses in Germany that arrived on Friday.
The scandal has already seen Steinhoff’s former chief financial officer, Ben la Grange, sentenced to 10 years – five suspended – for his role. His co-operation with the State is expected to play a key role in the upcoming trials.
