Steinhoff International Holdings N.V. · accounting fraud · criminal prosecution · settlement · insolvency
What was established about accounting irregularities at Steinhoff?
No court has determined the liability of Steinhoff International Holdings N.V. itself. The company announced accounting irregularities in December 2017 and in March 2019 published an overview of a PwC investigation it commissioned, which found transactions inflating profits by about 6.5 billion euros between 2009 and 2017. Claims against the group were resolved through a global settlement effective 15 February 2022, and the company was liquidated in 2023. As of 30 October 2026, South African courts had convicted several former executives and managers, including former CFO Ben la Grange under a plea and sentence agreement, a German court had convicted a former manager of tax evasion in a judgment reported as not final, and former CEO Markus Jooste died in March 2024 without being tried.
Last verified 30 October 2026. South Africa · Germany · Netherlands
The record at a glance
| What was alleged? | A PwC forensic investigation commissioned by Steinhoff found, as summarised by the company and reported in March 2019, that a senior management executive and a small number of other executives, often with outside help, carried out fictitious and irregular transactions that inflated profits by about 6.5 billion euros between 2009 and 2017.1 |
|---|---|
| Who made the claim? | PwC forensic investigation, as summarised by Steinhoff International Holdings N.V., 15 March 2019 |
| How did Steinhoff respond? | Steinhoff disclosed the irregularities itself in December 2017 when its CEO resigned, appointed PwC to investigate, and then settled claims through a global settlement implemented in 2022. It said it might not publish the full PwC report because of possible effects on prosecutions and civil claims.1,2,3,4 (the subject's position) |
| Was there an official finding? | Steinhoff's own published summary of the PwC investigation stated that transactions inflating profits by about 6.5 billion euros were carried out between 2009 and 2017.1 Former CFO Ben la Grange was convicted of fraud under a plea and sentence agreement in October 2024.8 Steinhoff International Holdings N.V. was liquidated and its shares ceased to exist in 2023.5 |
| Was liability determined? | No, liability was not determined. No court has determined civil or criminal liability of Steinhoff International Holdings N.V. Claims against the group were compromised under the 2022 global settlement, and the settlement update reviewed contains no admission of liability. Separately, individual former executives and managers have been convicted in South Africa and Germany, most by plea agreement. Those convictions are not findings against the company. Markus Jooste was never tried and died in March 2024.3,4,7,8,9,10 |
| What changed later? | As of 30 October 2026, the company has been liquidated after a 2022 global settlement, and the criminal case against former treasurer Stephanus Grobler was pending when last reported in March 2026.5,9,10 |
| When was this checked? | 30 October 2026 |
What was alleged?
A PwC forensic investigation commissioned by Steinhoff found, as summarised by the company and reported in March 2019, that a senior management executive and a small number of other executives, often with outside help, carried out fictitious and irregular transactions that inflated profits by about 6.5 billion euros between 2009 and 2017.1
Made by PwC forensic investigation, as summarised by Steinhoff International Holdings N.V. on 15 March 2019.
What did Steinhoff say?
Steinhoff disclosed the irregularities itself in December 2017 when its CEO resigned, appointed PwC to investigate, and then settled claims through a global settlement implemented in 2022. It said it might not publish the full PwC report because of possible effects on prosecutions and civil claims.1,2,3,4
Steinhoff International Holdings N.V. (company announcements, as reported), 5 December 2017. This is the subject's own account, not a finding.
What do independent records show?
Overview of forensic investigation (as reported)
Steinhoff International Holdings N.V. (PwC investigation overview), 15 March 2019
Fictitious and irregular transactions inflated profits by about 6.5 billion euros between 2009 and 2017. The report did not name individuals and noted that some, including Jooste, did not make themselves available for interview.1
Sanction of the SIHPL section 155 proposal (as described by Steinhoff)
Western Cape High Court, 24 January 2022
The court sanctioned the section 155 proposal of the former South African holding company, part of the global settlement alongside a composition plan for SIHNV.3
Global settlement update (SENS)
Steinhoff International Holdings N.V., 15 February 2022
The company announced that the settlement effective date for the global settlement was 15 February 2022.4
Confirmation of liquidation
Liquidators of Steinhoff International Holdings N.V., 13 October 2023
The liquidators said the liquidation of SIHNV had been completed and that SIHNV and its shares had ceased to exist.5
Administrative penalty against Markus Jooste (as reported)
Financial Sector Conduct Authority (South Africa), 20 March 2024
The FSCA imposed a penalty of 475 million rand, finding that Jooste and Dirk Schreiber made or published false, misleading or deceptive statements in financial statements between 2014 and 2017.6
Judgment, case 2 KLs 25/22 (as reported)
Landgericht Oldenburg, 13 May 2024
A former Steinhoff manager was convicted of tax evasion in 20 cases and sentenced to six years, of which four are to be served because of the length of proceedings. The court spokesperson said the judgment was not yet final.7
Plea and sentence agreement, State v Andries Benjamin la Grange
Pretoria Specialised Commercial Crimes Court, 3 October 2024
Former CFO Ben la Grange was convicted of one count of fraud of over 367 million rand and sentenced to 10 years with five suspended.8
Plea and sentence agreement, former audit executive Hein Odendaal (as reported)
Pretoria Specialised Commercial Crimes Court, 12 March 2026
Odendaal pleaded guilty and received a fine of 2 million rand or four years, plus a suspended term. Co-accused Stephanus Johannes Grobler's case was set for 14 May 2026.9,10
What was established?
- Steinhoff's own published summary of the PwC investigation stated that transactions inflating profits by about 6.5 billion euros were carried out between 2009 and 2017.1
- Former CFO Ben la Grange was convicted of fraud under a plea and sentence agreement in October 2024.8
- Steinhoff International Holdings N.V. was liquidated and its shares ceased to exist in 2023.5
Distinctions that matter here
- The PwC findings are the result of an investigation commissioned by the company, not a court finding.
- An FSCA administrative penalty is a regulatory sanction, not a criminal conviction.
- Convictions of individual former executives are not findings against the company itself.
Was liability determined?
No, liability was not determined. No court has determined civil or criminal liability of Steinhoff International Holdings N.V. Claims against the group were compromised under the 2022 global settlement, and the settlement update reviewed contains no admission of liability. Separately, individual former executives and managers have been convicted in South Africa and Germany, most by plea agreement. Those convictions are not findings against the company. Markus Jooste was never tried and died in March 2024.3,4,7,8,9,10
What remains unresolved?
- Outcome of the criminal case against former treasurer Stephanus Johannes Grobler, who has indicated he will plead not guilty.
- The full PwC report has not been published.
- Whether the Oldenburg judgment of May 2024 became final was not confirmed.
What is the current status?
As of 30 October 2026, the company has been liquidated after a 2022 global settlement, and the criminal case against former treasurer Stephanus Grobler was pending when last reported in March 2026.5,9,10
As of 30 October 2026. No next proceeding is scheduled in the records we found.
Timeline
- Steinhoff reports accounting irregularities and CEO Markus Jooste resigns.2
- Steinhoff publishes an overview of the PwC forensic investigation.1
- Global settlement becomes effective.4
- Liquidators confirm the liquidation of SIHNV.5
- FSCA imposes a 475 million rand penalty on Markus Jooste (as reported).6
- Former CFO Ben la Grange sentenced after a plea agreement.8
- Former audit executive Hein Odendaal sentenced after a plea agreement (as reported).10
Sources
- Business Day, Steinhoff executives inflated profits by more than R100bn, PwC finds, 15 March 2019 Independent reporting
- BusinessTech (Bloomberg), Steinhoff CEO resigns over global retail accounting failures, 6 December 2017 Independent reporting
- Steinhoff International Holdings N.V. (Business Wire), Steinhoff International Holdings N.V. Global Settlement Update, 24 January 2022 · document record Filing or formal statement by the subject
- JSE SENS, Steinhoff International Holdings N.V. Global Settlement Update (SENS), 15 February 2022 · document record Filing or formal statement by the subject
- EQS News (via boerse.de), Steinhoff International Holdings N.V. in liquidatie: Confirmation of liquidation, 13 October 2023 · document record Filing or formal statement by the subject
- Eyewitness News, Ex-Steinhoff CEO Markus Jooste hit with R475m penalty for contravening sections of FMA, 20 March 2024 Independent reporting
- t-online (dpa), Sechs Jahre Haft für Ex-Manager des Steinhoff-Konzerns, 13 May 2024 Independent reporting
- SAnews (South African Government News Agency), Ex-Steinhoff CFO convicted and sentenced, 3 October 2024 · document record Government, parliamentary or audit document
- Moonstone, Steinhoff fraud cases: fourth conviction secured in South Africa, 12 March 2026 Independent reporting
- The Citizen, Fifth conviction in Steinhoff saga as former auditor sentenced, 12 March 2026 Independent reporting
Revision history
- 30 October 2026: First published after source verification.
Related: Steinhoff International Holdings N.V., accounting fraud, criminal prosecution, settlement, insolvency, South Africa, Germany, Netherlands. To submit a document or request a correction, see right of reply.