Three top Steinhoff executives have been formally charged in Germany with balance sheet fraud which allegedly took place in 2015. Picture Henk Kruger/African News Agency (ANA)
Three top Steinhoff executives have been formally charged in Germany with balance sheet fraud which allegedly took place in 2015.
While the public prosecutor’s office in Oldenburg, a town near Westerstede, where Steinhoff was founded, did not name the three former executives, reports suggest that the furniture company’s CEO, Markus Jooste, and its former chief for Europe, Dirk Schreiber are amongst the three charged.
The charges carry a maximum sentence of a three-year prison term.
If the tree are convicted, it would be the first time since the scandal broke that anyone from Steinhoff is brought to book.
The probe into Steinhoff’s financial misdealing is two-fold, with the other part being conducted by the South Africa’s crack investigation unit, the Hawks.
Meanwhile, here at home, the National Prosecuting Authority has been criticised for being slow in prosecuting Steinhoff’s executives, due to what it said was a lack of funds.
Steinhoff offered R30 million to the NPA to help with its forensic investigation, but the investigating unit has been called to question for its acceptance of the funds.
Economic Freedom Fighters also condemned the NPA for accepting the funds from Steinhoff, citing a conflict of interest.
The political party in parliament on Wednesday, questioned Justice minister Ronald Lamola on why the executives haven’t been arrested.
The EFF also condemned the NPA for accepting the funds from Steinhoff, citing a conflict of interest.
BUSINESS REPORT ONLINE
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