The Financial Sector Conduct Authority (FSCA) has imposed a R358.75 million administrative penalty on former Steinhoff executive Stephanus Johannes “Stehan” Grobler.
This marks one of the largest fines ever in the long-running fallout from the collapse of Steinhoff International Holdings NV.
Grobler served as company secretary, head of treasury and in-house legal counsel at Steinhoff.
He was at the centre of the retailer’s leadership during the period when accounting irregularities were later uncovered.
The scandal, which erupted in 2017, triggered one of the most infamous collapses in South African history and wiped about R230 billion off the Johannesburg Stock Exchange (JSE).
The crisis began when accounting irregularities were identified, and Steinhoff’s auditors refused to sign off on its financial statements.
That decision started a wave of regulatory and criminal investigations in both South Africa and Europe.
A subsequent forensic investigation by PwC found €6.5 billion (over R100 billion) in irregular transactions involving eight firms over an eight-year period.
In a statement in March 2026, the FSCA said it had concluded its investigation into Grobler’s role in relation to Steinhoff’s financial statements for the 2014, 2015 and 2016 financial years, as well as the 2017 half-year results.
According to the FSCA, the investigation found that Grobler contravened sections 81(1)(a) and 81(1)(b) of the Financial Markets Act, which 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 on Mr Grobler,” the authority said.
The regulator added that the financial statements issued during the relevant period “were found to be false, misleading or deceptive in respect of material facts that were either misstated or omitted.”
It noted that 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.”
Court case still ongoing
During the period under investigation, Grobler held multiple senior roles within the group and served as a director of several Steinhoff subsidiaries, placing him in a key governance role as the company presented its financial results to investors.
The Steinhoff collapse had far-reaching consequences, affecting employees, creditors and institutional investors—including the Government Employees Pension Fund—and intensifying scrutiny of corporate governance in South Africa.
Pressure has mounted on prosecutors in recent months, particularly after the long-awaited release of PwC’s 7,000-page report detailing the group’s dealings.
Former chief financial officer Ben la Grange remains the most senior Steinhoff executive to have been jailed so far.
He entered a plea agreement last year, which requires him to testify in the case against Grobler. Former chief executive Markus Jooste died by suicide in March 2024.
Grobler, along with two other former executives at Steinhoff subsidiaries and affiliates, was granted extended bail at a hearing in the Specialised Commercial Crimes Court in Pretoria in June 2025.
The matter has since been moved to the High Court, although a trial date has not yet been set.
Grobler has maintained his innocence regarding the criminal charges already outlined by prosecutors, which include racketeering, manipulation of financial statements, and three counts of fraud amounting to R21 billion.
