COSATU pleased with arrest in Steinhoff case
27 June 2024
The Congress of South African Trade Unions (COSATU) is pleased that persons accused of looting workers’ pension funds’ investments at Steinhoff are finally being brought to book after years of not being held liable for their crimes.
Yesterday Steinhoff’s former chief financial officer, Ben la Grange, appeared in court after he was arrested. La Grange appeared in the Pretoria Special Commercial Crimes Court and was charged with racketeering, fraud, corruption and contravening the Financial Markets Act in relation to the Steinhoff case. He was released on bail of R150 000.
Stéhan Grobler, former Steinhoff head of legal, appeared alongside La Grange. Grobler first appeared in the same court in March, a day after Steinhoff CEO Markus Jooste committed suicide, leaving him to stand in the dock alone.
In late 2018 workers’ pensions lost billions of Rands in the value due to Steinhoff’s accounting scandal. The Government Employees Pension Fund, for instance, had invested in the region of R4.3 billion in Steinhoff, but the investment turned out to be worthless because the company had falsified its market value via creative accounting methods.
The Federation has been consistent in calling for the heads of those implicated in the looting of workers’ monies, and for the recovery of assets and proceeds of the crime.
COSATU is once again calling on the Financial Sector Conduct Authority to collect the R475 million penalties levied on Jooste from assets in his name, and to leave no stone unturned to uncover any assets he might have hidden.
It is critical that government leave no stone unturned in ensuring that workers’ monies are recovered and the guilty are sent to long terms of imprisonment.
The Steinhoff heist counts among the gravest crimes committed against South African workers to date. We call on the National Prosecuting Authority, the Hawks and the Judiciary to pursue justice to the end for workers. We cannot afford to let these heisters get away without facing the full might of the law.
Issued by Zanele Sabela, National Spokesperson, COSATU, 27 June 2024
