Ex-Steinhoff exec slapped with R359 million fine

The Financial Sector Conduct Authority (FSCA) has imposed a R358.75 million fine on Steinhoff’s former company secretary, Stephanus Johannes “Stehan” Grobler.

Between 2014 and 2017, Grobler served as Steinhoff’s company secretary, head of treasury and in-house legal counsel. He was also a director of several Steinhoff subsidiary companies.

Over the past decade, Steinhoff has gone from a JSE darling to the poster child of corporate malfeasance.

The start of the company’s downfall came in 2017, when accounting irregularities were discovered, leading Steinhoff’s auditors to refuse to sign off on its financial statements.

This opened the floodgates for police and regulatory investigations across both Europe and South Africa. 

A forensic probe by auditor PwC uncovered €6.5 billion (over R100 billion) of irregular transactions with eight firms over eight years.

In 2017, when news of these irregularities broke, Steinhoff’s share price crashed, eroding over 90%, or about R200 billion, of the company’s market capitalisation.

There have been a slew of investigations, lawsuits and penalties ever since, with some of the company’s top executives implicated and found guilty, with Grobler being the latest.

In a press statement released on Monday, 2 March 2026, the FSCA said it had concluded its investigation into Grobler.

This investigation relates to Steinhoff’s statements for the 2014, 2015, 2016, and the first half of 2017 financial years.

“The investigation found that Mr Grobler contravened sections 81(1)(a) and 81(1)(b) of the Financial Markets Act, No. 19 of 2012,” the regulator said. 

“These provisions prohibit the direct or indirect making or publication of false, misleading or deceptive statements.”

The FSCA decided to impose an administrative penalty of R358.75 million on Grobler.

“The financial statements issued by Steinhoff during the relevant period were found to be false, misleading or deceptive in respect of material facts that were either misstated or omitted,” the FSCA said.

“This assessment was made with reference to the information available at the time and the circumstances under which the statements were presented to the market.”