The Steinhoff case, classified as one of the biggest corporate fraud cases in South African history, saw significant developments in 2024. Investigations by the National Prosecuting Authority (NPA) and the Hawks uncovered the company's inflation of profits by R100 billion. Former CEO Markus Jooste reportedly died in March 2024, allegedly by suicide, following a R475 million penalty from the Financial Sector Conduct Authority (FSCA). The NPA secured its first major conviction in September 2024, with Gerhardus Diedricks Burger, a friend of Jooste, sentenced to five years for insider trading based on Jooste's tip-offs.
Labelled as “one of the biggest cases of corporate fraud in the history of South Africa” by the National Prosecuting Authority , the Steinhoff case continued to unravel in its developments during 2024.
“The Steinhoff case, one of the biggest cases of corporate fraud in the history of South Africa, has been one of the most complex commercial crime cases that the and the NPA have had to deal with,” said the NPA spokesperson Lumka Mahanjana.Former Steinhoff CEO Markus Jooste reportedly died in March 2024 after the Financial Sector Conduct Authority slapped him with a penalty of R475 million following its investigation.
“It is alleged that the victim sustained a gunshot wound at around 3:20pm at Kwaaiwater and succumbed to death on his way to the hospital. No foul play is suspected at this stage,” Colonel Andre Trout told The Citizen. The 79-year-old was found guilty of acting on Jooste’s tip-off and sentenced to five years imprisonment for insider trading.“The court issued a confiscation order for €90,000 seized by Swiss authorities after the collapse of Steinhoff.
CORPORATE FRAUD SOUTH AFRICA STEINHOFF MARKUS Jooste Insider TRADING
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