South Africa\u2019s case against executives in the biggest corporate fraud in the country\u2019s history will be moved to a higher court for complex criminal trials, with their next hearing also pushed back to September.<\/p>\n\n\n\n
St\u00e9han Grobler, the head of treasury at Steinhoff International Holdings NV when the furniture giant unravelled almost eight years ago, received extended bail along with two other former executives at Steinhoff subsidiaries and affiliates at a hearing in the Specialised Commercial Crimes Court in Pretoria on Friday.<\/p>\n\n\n\n
Their case will be moved to the High Court, with their next hearing scheduled for 3 September when a trial date is likely to be set.<\/p>\n\n\n\n
According to court proceedings, the extra time will allow the prosecution to finalise investigations and secure a racketeering certificate. <\/p>\n\n\n\n
Prosecutors were also waiting for an affidavit from witnesses in Germany that arrived on Friday. A finalised charge sheet will be ready by June 17.<\/p>\n\n\n\n
Grobler says he\u2019s innocent of charges already set out by prosecutors, including racketeering, manipulation of financial statements and three counts of fraud worth R21 billion ($1.2 billion). <\/p>\n\n\n\n
The collapse of Steinhoff, once feted for a gutsy entrepreneurial spirit that built a retail empire spanning Australia, Europe, and the US, rocked South Africa in December 2017.<\/p>\n\n\n\n
The company\u2019s share price collapsed, hitting everyone from staff and creditors to the government workers\u2019 pension fund. <\/p>\n\n\n\n
About R230 billion was lost on the Johannesburg stock exchange in a matter of days.<\/p>\n\n\n\n
Pressure has been building on prosecutors, especially after a 7,000-page report on Steinhoff\u2019s dealings \u2014 compiled by auditor PwC in the wake of its collapse \u2014 was finally released six months ago. <\/p>\n\n\n\n
Former Chief Financial Officer Ben la Grange is the most senior Steinhoff executive to be jailed so far, but his plea deal last year \u2014 including a requirement to testify in the Grobler case \u2014 meant the scandal has yet to be fully aired in court.<\/p>\n\n\n\n
Former Chief Executive Officer Markus Jooste died by suicide in March 2024. <\/p>\n\n\n\n
Steinhoff, which owned Conforama in France and Mattress Firm in the US, collapsed after auditors refused to sign off on its financial statements. <\/p>\n\n\n\n
That led to the start of police and regulatory investigations in both Europe and South Africa. The probe by auditor PwC uncovered \u20ac6.5 billion ($7.4 billion) of irregular transactions with eight firms over eight years.<\/p>\n","protected":false},"excerpt":{"rendered":"
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