Disgraced Steinhoff exec Stephan Grobler granted bail

JOHANNESBURG - Disgraced former executive at Steinhoff, Stephan Grobler has been granted bail as prosecutors begin work to bring him to book for his alleged involvement in the country’s biggest corporate scandal.

On Monday, the Specialised Commercial Crimes Court in Pretoria granted Grobler bail of R150,000.

He faces charges including fraud, racketeering and the contravention of the Financial Markets Act.

Grobler, who is the former head of legal at Steinhoff is the first of the retailer’s top brass to be brought before a South African court for the saga.

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It is a significant development in the long-running corporate scandal that saw investors lose billions after the company’s share price plummeted in 2017.

Grobler also held several other positions at the multinational in almost two decades at the firm.

He is accused of being part of a small group of executives that inflated the profit and assets of the group, earning them millions in bonuses and other incentives.

Grobler handed himself over to police last week and now faces strict bail conditions.

This includes reporting to the Brooklyn police station twice a week, handing over passports and firearms, as well as being confined to Gauteng.

Former CEO Markus Jooste, described as the mastermind, evaded prosecution after he died by suicide a day before he would have been arrested.