Former Chief Financial Officer (CFO) of Steinhoff, Andries La Grange, has been sentenced to 10 years in prison for his role in one of South Africa’s largest corporate fraud cases.
Earlier on Friday, the Pretoria Commercial Crimes Court handed down a 10-year sentence, with five years suspended, as part of a plea agreement.
La Grange pleaded guilty to one count of fraud, admitting to defrauding the Steinhoff group of over R367 million in a scandal labelled as the biggest corporate collapse in recent history.
The fraud stems from the manipulation of financial statements during the 2016 financial year, under the instruction of the late Markus Jooste, then CEO of Steinhoff.
La Grange also faces a fine and a ban from holding office in a public company for 10 years.
The National Prosecuting Authority (NPA) and the Hawks have hailed the sentence as a major victory in the fight against corporate crime, following years of investigations.
-EWN
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