Bernadette Wicks26 September 2024 | 12:32

Markus Jooste's friend convicted by SA court in connection with Steinhoff scandal

Gerhardus Burger was one of four individuals to whom Jooste sent an SMS in the run-up to Steinhoff crashing, urging them to sell their shares, which Burger promptly did.

Markus Jooste's friend convicted by SA court in connection with Steinhoff scandal

FILE: Former Steinhoff CEO Markus Jooste. Picture: Eyewitness News

JOHANNESBURG - A friend of the late Markus Jooste, Gerhardus Burger, has become the first person to be convicted by a South African court in connection with the Steinhoff scandal.

Seventy-nine-year-old Burger was arrested on Thursday morning, after which he appeared in the Pretoria Specialised Commercial Crimes Court.

There, he pleaded guilty to and was convicted of charges of insider trading.

Burger was one of four individuals to whom Jooste sent an SMS in the run-up to Steinhoff crashing, urging them to sell their shares, which Burger promptly did.

Hawks spokesperson, Katlego Mogale, has confirmed that he pleaded guilty to three counts of contravening the Financial Markets Act in the form of insider trading on Thursday and that he was sentenced to five years in prison.

This has, however, been suspended for five years on condition that he doesn’t commit the same crime during this period.

The court also ordered that the money he earned off the back of the sale of his shares, be forfeited to the state.

In the meantime, former Steinhoff head of legal, Stephan Grobler, and former CFO, Andries ‘Ben’ la Grange, were also arrested in connection with the case earlier this year but have both indicated they intend on pleading not guilty.

They’re due back in the dock in October.