The Financial Sector Conduct Authority has imposed a R359-million fine on Stephanus Johannes Grobler, a former Steinhoff director, for his role in issuing false financial statements. This penalty follows similar actions against other executives involved in the company's accounting scandal. The fine underscores ongoing accountability efforts related to the 2017 collapse.
Stephanus Johannes (Stéhan) Grobler, who served as company secretary, head of treasury, in-house legal counsel, and a director of several Steinhoff subsidiaries, has been fined R358,750,000 by the Financial Sector Conduct Authority (FSCA). The penalty relates to fraudulent financial statements for the 2014, 2015, and 2016 financial years, as well as the 2017 half year.
An FSCA investigation determined that Grobler contravened the Financial Markets Act by directly or indirectly making or publishing false, misleading, or deceptive statements. These statements involved material facts that were misstated or omitted, assessed based on the information available at the time and the circumstances of their presentation to the market.
This fine comes shortly after the FSCA's action against former Steinhoff CEO Markus Jooste, who was fined R475-million on 20 March 2024 for similar violations. Jooste died by suicide the following day, 21 March 2024. In Jooste's case, the FSCA waived fines against former European finance chief Dirk Schreiber in exchange for his cooperation; Schreiber had received a three-and-a-half-year prison sentence from German authorities.
The penalties highlight the FSCA's commitment to holding individuals accountable for Steinhoff's corporate collapse, one of South Africa's largest, beyond mere resignations or other consequences.
