Ex-Steinhoff executive to spend weekend behind bars
The case against former Steinhoff executive Stephanus Grobler has been postponed to Monday for bail application judgement.
Grobler appeared in the Pretoria Specialised Commercial Crimes Court on Friday in connection with multi-billion rand fraud at Steinhoff.
This comes after the Hawks issued a warrant of arrest against him and former Steinhof CEO Markus Johannes Jooste.
The Hawks said Jooste allegedly committed suicide on Thursday in Hermanus, leaving Grobler to face charges of fraud and racketeering.
Hawks spokesperson Thandi Mbambo, said Grobler handed himself over at the Pretoria Central Police Station.
"The allegations include amongst others fraud, a pattern of racketeering activities and contravention of the Financial Markets Act against Steinhoff International Holdings."
Jooste was slapped with a R475 million fine by the country's financial market watchdog, Financial Sector Conduct Authority (FCSA), for faking transactions to artificially inflate the group's profits.
The FCSA has issued an April 19 deadline for the payment.
Steinhoff was put under investigation in 2017 on suspicion of fraud, Jooste resigned but denied any knowledge of accounting fraud.
The company saw nearly 98 percent of its share value wiped out as it faced a barrage of litigation from aggrieved shareholders and business partners, including a former chairman.
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