Steinhoff FSCA $22 million fine

South Africa’s Financial Sector Conduct Authority (FSCA) has imposed a R358.75 million ($22 million) administrative penalty on former Steinhoff executive Stephanus Johannes “Stehan” Grobler, marking one of the largest individual fines in the protracted fallout from the collapse of Steinhoff International Holdings NV.

Grobler, who served as company secretary, head of treasury and in-house legal counsel, was part of the retailer’s senior leadership during the period in which massive accounting irregularities were later uncovered.

Regulatory crackdown deepens
The scandal erupted in 2017 after Steinhoff’s auditors declined to sign off on its financial statements, triggering a corporate crisis that wiped out roughly R230 billion ($14.08 billion) in market value on the Johannesburg Stock Exchange (JSE). Investigations in South Africa and Europe followed, alongside a forensic probe by PwC that identified €6.5 billion ($7.6 billion) in irregular transactions spanning eight years.

In March 2026, the FSCA confirmed it had concluded its investigation into Grobler’s role in relation to Steinhoff’s financial statements for the 2014, 2015 and 2016 financial years, as well as its 2017 half-year results.

According to the regulator, Grobler contravened sections 81(1)(a) and 81(1)(b) of the Financial Markets Act, which prohibit the making or publication of false, misleading or deceptive statements. “The FSCA has accordingly imposed an administrative penalty of R358,750,000 ($21.96 million) on Mr Grobler,” the authority said, adding that the financial statements issued during the relevant period were found to contain material misstatements or omissions.

Court battle continues
At the time, Grobler held multiple senior governance roles across Steinhoff subsidiaries, positioning him at the centre of the group’s financial reporting framework.

The collapse had sweeping consequences for employees, creditors and institutional investors, including the Government Employees Pension Fund, and intensified scrutiny of corporate governance standards in South Africa.

Criminal proceedings remain ongoing. Former CFO Ben la Grange has entered a plea agreement and is expected to testify, while Grobler faces charges including racketeering, financial statement manipulation and fraud totaling R21 billion ($1.28 billion). The matter has moved to the High Court, with a trial date yet to be set.