How the Steinhoff accounting case unfolded

Steinhoff reports accounting irregularities and CEO Markus Jooste resigns

Steinhoff publishes an overview of the PwC forensic investigation

Overview of forensic investigation (as reported). Fictitious and irregular transactions inflated profits by about 6.5 billion euros between 2009 and 2017. The report did not name individuals and noted that some, including Jooste, did not make themselves available for interview.

Global settlement becomes effective

Global settlement update (SENS). The company announced that the settlement effective date for the global settlement was 15 February 2022.

Liquidators confirm the liquidation of SIHNV

Confirmation of liquidation. The liquidators said the liquidation of SIHNV had been completed and that SIHNV and its shares had ceased to exist.

FSCA imposes a 475 million rand penalty on Markus Jooste (as reported)

Administrative penalty against Markus Jooste (as reported). The FSCA imposed a penalty of 475 million rand, finding that Jooste and Dirk Schreiber made or published false, misleading or deceptive statements in financial statements between 2014 and 2017.

Judgment, case 2 KLs 25/22 (as reported)

A former Steinhoff manager was convicted of tax evasion in 20 cases and sentenced to six years, of which four are to be served because of the length of proceedings. The court spokesperson said the judgment was not yet final.

Former CFO Ben la Grange sentenced after a plea agreement

Plea and sentence agreement, State v Andries Benjamin la Grange. Former CFO Ben la Grange was convicted of one count of fraud of over 367 million rand and sentenced to 10 years with five suspended.