R21 Billion Later and No Arrests Have Been Made in Steinhoff Case

R21 Billion Later and No Arrests Have Been Made in Steinhoff Case

- Since 2017 when the Steinhoff fraud case hit the news no arrests have been made by the police

- The revelation that the global furniture company had overstated its financial results ended up wiping R21 billion off the PIC

- The government and Hawks have been reluctant to share any information with the public on the progress of the case

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Since the 2017 Steinhoff fraud scandal was uncovered and billions were wiped off the PIC, no arrests have been made.

With over 200 witnesses and heaps of evidence, the police have yet to make an effort to bring anyone to book.

The company overstated its financial results and position by as much as R100 billion.

R21 billion later and no arrests have been made in Steinhoff case
Danie van der Merwe, acting chief executive officer of Steinhoff International Holdings NV, the company's stock plummeted. Photo credit: Jasper Juinen/Bloomberg
Source: Getty Images

In contrast to the VBS scandal where police moved with lightning speed, the Steinhoff case is moving at a glacial pace.

Hawks spokesperson, Colonel Katlego Mogale refused to provide an update on the case and all she was prepared to share was that the investigation is still underway.

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Scopa also declined to comment on the matter and redirected all queries to the finance committee according to IOL.

When news broke in 2017, South Africa was rocked by its biggest fraud case in history with R123 billion at stake.

This cost the PIC R21 billion directly and the PIC has yet to answer questions relating to the case.

Business Live recently reported that Steinhoff was one step closer to settling billions of rands worth of shareholder claims.

The global furniture company is technically insolvent and is waiting for approval from financial creditors to settle the claims.

Earlier, Briefly.co.za reported that Prince Nkosinathi Mazibuko, 28, is a multimillionaire and director of the Born Rich Group leading a flashy life especially if you followed him on social media.

The forex company director, operating mostly in KwaZulu-Natal, has been arrested and is facing a staggering 194 charges of fraud, theft and contravening financial acts.

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Mazibuko reportedly handed himself over to the Hawks' serious organised crime unit on Thursday after receiving a summons.

In other news, South Africans are waiting to hear how the African National Congress intends to implement its promise that members accused of corruption will be forced to step down.

The ruling party's National Executive Committee is currently working out the finer details of how it will pull off this resolution.

As the ANC is seeking answers as to how it will compel members charged with graft to stand aside, all eyes have turned to secretary-general Ace Magashule.

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Source: Briefly.co.za

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