The Financial Sector Conduct Authority (FSCA) has concluded its investigation into Mr Stephanus Johannes Grobler relating to the financial statements of Steinhoff International Holdings N.V. for the 2014, 2015 and 2016 financial years, as well as the 2017 half year.
The investigation found that Mr Grobler contravened sections 81(1)(a) and 81(1)(b) of the Financial Markets Act, No. 19 of 2012. These provisions prohibit the direct or indirect making or publication of false, misleading or deceptive statements.
The FSCA has accordingly imposed an administrative penalty of R358 750 000 (three hundred and fifty-eight million seven hundred and fifty thousand rand) on Mr 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. 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.
During the period under investigation, Mr Grobler served as Company Secretary, Head of Treasury and in house legal counsel of the Steinhoff group. He was also a director of several Steinhoff subsidiary companies.