The former chief financial officer of Steinhoff, Andries Benjamin Le Grange, has been granted R150 000 bail by the Pretoria Specialized Commercial Crimes Court.
Le Grange showed up in court on Wednesday morning after being taken into custody. He was detained by the Serious Economic Offenses unit. Le Grange was taken into custody on charges of two counts of racketeering under the Prevention of Organised Crime Act, five counts of fraud, one count of corruption under the Prevention and Combating of Corrupt Activities Act, and three counts of financial market act violations related to the Steinhoff investigation, according to Hawks spokeswoman Katlego Mogale.
According to Mogale, Le Grange made an appearance with his fellow accused, 74-year-old former Head of Treasury Stephanus Johannes Grobler. Grobler was detained on March 22 and appeared in court on March 25. There, he was granted R150 000, as was previously reported. Grobler was allegedly required to repay about R300 million in salaries, bonuses, and incentives by Steinhoff prior to the company’s insolvency in October of last year.
The Steinhoff scandal, the most famous corporate fraud in South Africa, was masterminded by Markus Jooste. It is believed that on Thursday, March 21, he took his own life in Hermanus, Cape Town. The inquiry into Steinhoff will proceed as other investigating parties are involved, according to the Financial Sector Conduct Authority (FSCA), which was notified of the suspected death.
According to the Authority, it would also keep helping the Hawks and the National Prosecuting Authority (NPA) with any ongoing investigations.
