Another suspect arrested in the ongoing Steinhoff case
A 79-year-old suspect in the ongoing Steinhoff investigation is expected to appear before the Pretoria Specialised Crimes Court on Thursday, following his arrest by Hawks.
The arrest emanates from an ongoing probe into the retail giant where, in November 2017, the then Chief Executive Officer Markus Jooste is said to have committed insider trading when he shared information about the sale of Steinhoff shares before they fell.
Jooste is reported to have shot himself at his Hermanus home in March this year.
His death came a day after he was slapped with a R475 million ($25.2 million) fine by the country's financial market watchdog Financial Sector Conduct Authority (FCSA).
The ex-CEO is accused of using fake transactions to artificially inflate the group's profits.
The allegations are that the suspect received a tip-off from Jooste to sell his shares before their price dropped due to irregularities in the Steinhoff financial statements.
Hawks spokesperson Katlego Mogale says the suspect faces three counts of Contravention of the Financial Markets Act ( Insider Trading).
"The suspect in 2017 instructed that over 39,000 of Steinhoff shares be sold. The suspect knew that Jooste was Steinhoff's CEO and, by virtue of his employ, had inside information at the time.
"His arrest follows the arrest of Stephanus Johannes Grobler who has since been released on bail and is due back in court on the 4 October 2024".
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