Former Steinhoff executive fined R2m, handed suspended sentence
The Pretoria Specialised Commercial Crimes Court on Thursday sentenced former Steinhoff International audit executive Hein Odendaal to a fine of R2 million or four years’ imprisonment after he pleaded guilty to failing to report fraud.
Odendaal, 68, was also handed an additional two-year prison sentence wholly suspended for five years on condition that he is not convicted of a similar offence during the suspension period.
In addition, he will undergo one year of correctional supervision.
ALSO READ: Katiso Molefe murder trial to start in October
The conviction relates to Odendaal’s role in the long-running Steinhoff fraud case.
According to prosecutors, he failed to report fraudulent activities within the company involving fictitious income, resulting in false and misleading audited financial statements.
The sentence followed a plea and sentence agreement reached between Odendaal and the State.
Odendaal surrendered to the Hawks shortly before his scheduled court appearance in February 2025.
Authorities said the conviction is the fifth secured in connection with the Steinhoff investigation.
Steinhoff, a multinational retail holding company headquartered in South Africa, became the focus of investigations in 2017 after it disclosed accounting irregularities. The announcement led to a sharp fall in the company’s share price and triggered probes by regulators and law enforcement agencies in several jurisdictions.
South African authorities have pursued criminal investigations into individuals linked to the accounting irregularities.
The acting national head of the Directorate for Priority Crime Investigation, Patrick Mbotho, said the sentence was welcomed and encouraged investigators and prosecutors to continue their work on the case.
The case against another accused, Johannes Grobler, is scheduled to be heard on 14 May.
