A suspect in the ongoing Steinhoff investigation will be appearing in the Pretoria Specialised Crimes Court later today following his arrest this morning by the Hawks’ Serious Economic Offences Unit.
The arrest emanates from an ongoing investigation into Steinhoff, where in November 2017, the then Chief Executive Officer, the late Markus Jooste, is said to have shared information on the selling of Steinhoff shares before they fell.
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Allegations are that the suspect received a tip-off from Jooste in order to sell his shares before their price dropped due to irregularities in the Steinhoff financial statements.
The suspect in 2017 instructed that over 39 000 of Steinhoff shares be sold. The suspect knew that Jooste was Steinhoff CEO and, by virtue of his employ, had inside information at the time.
The 79-year-old suspect is charged with three counts of the Contravention of the Financial Markets Act (insider trading). His arrest follows the arrest o
f Stephanus Johannes Grobler, who has since been released on bail and is due back in court on the 4 October 2024.
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Source: South African Government News Agency