Former Steinhoff group executive granted bail

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The former chief financial officer at Steinhoff Andries La Grange has been granted bail of R150 000 by the Pretoria Specialised Commercial Crimes Court on Wednesday.

La Grange, 49, and his co-accused Stephanus Johannes Grobler, 64, are facing charges of racketeering, 3 counts of fraud worth R 21 billion, manipulation of financial statements and failure to report fraudulent activities.

Steinhoff was a multinational holding company that was listed in Germany and South Africa and was officially liquidated on 13 October 2023.

According to Lumka Mahanjana, the NPA regional spokesperson, La Grange has been charged in connection with the Steinhoff scandal which saw billions of rands wiped off the Johannesburg Stock Exchange in 2017, following the global retailer’s dramatic crash.

“Between 2014 and 2016, the then Chief Executive Officer, Markus Johannes Jooste, who is now deceased, and the two accused persons conducted racketeering activities within the Steinhoff group, as it was captured by certain executive employees.

“During that period, it is alleged that Jooste played a major role in the management of the criminal enterprise. 

Inflated and falsified Steinhoff financial statement

“Furthermore, it is alleged that the two created documentation of transactions that supported the fraudulent transactions used to inflate and falsify the annual financial statement of the Steinhoff Group.

“In court, using an affidavit, La Grange told the court that he intended to plead not guilty to the charges, and would prove his innocence,” she remarked. 

Mahanjana said he further asked the court to release him on bail.

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She added; “The State did not oppose his bail application because he was not a flight risk. However, the state asked the court to impose stringent bail conditions.”

The matter was postponed to October 4.