On Friday morning, Steinhoff announced the penalty, which also imposes two public censures and two separate fines of R1-million each on La Grange.
But Steinhoff did publish an 11-page overview of the forensic investigation, which showed that a range of “fictitious and/or irregular” transactions inflated the profits and assets of the group by over €6.5-billion between 2009 and 2017. Steinhoff at Work was a subsidiary of Steinhoff Investment Holdings Limited. Steinhoff joined a structure referred to as the “buying group” through its involvement with the TG Group, which purportedly negotiated and collected volume rebates for the retail holding company as well as other third parties.
Jooste gave this document to La Grange to generate an invoice to the TG Group for the contributions to be received by Steinhoff at Work. La Grange instructed others to process the invoice as well as the pro rata contributions in the Steinhoff at Work accounting records for the financial year ended 30 September 2016.
What a joke
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