The Specialised Commercial Crimes Court in Pretoria granted Grobler, who is the former head of legal at Steinhoff bail of R150,000.
JOHANNESBURG - Disgraced former executive at Steinhoff, Stephan Grobler has been granted bail as prosecutors begin work to bring him to book for his alleged involvement in the country’s biggest corporate scandal.He faces charges including fraud, racketeering and the contravention of the Financial Markets Act.
Grobler, who is the former head of legal at Steinhoff is the first of the retailer’s top brass to be brought before a South African court for the saga.It is a significant development in the long-running corporate scandal that saw investors lose billions after the company’s share price plummeted in 2017.He is accused of being part of a small group of executives that inflated the profit and assets of the group, earning them millions in bonuses and other incentives.
Former CEO Markus Jooste, described as the mastermind, evaded prosecution after he died by suicide a day before he would have been arrested.
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