The R475 million administrative fine imposed on former Steinhoff CEO remains unpaid more than two years after it was issued, with the Financial Sector Conduct Authority now pursuing recovery through the courts. In a written response to IOL, the FSCA confirmed that the penalty, issued on March 20, 2024, was due within 30 days but has not been settled by Jooste’s estate, family trusts or any third party. Jooste died a day after the fine was imposed. He allegedly died from a self-inflicted gunshot wound at Kwaaiwater Beach in Hermanus on March 21, 2024, hours before he was expected to hand himself over to authorities. The regulator said it has since converted its administrative penalties into enforceable High Court orders. “Subsequently, the Authority had its two administrative orders made orders of the High Court of South Africa (Gauteng Division, Pretoria) on July 18 2024,” the FSCA said. “This step is necessary for the FSCA to have access to the civil recovery processes in SA.” The first order relates to a R20 million insider trading penalty, while the second relates to contraventions of Section 81 of the Financial Markets Act, which formed the basis of the R475 million fine. “These court orders have been lodged with the executor of the late Mr Jooste’s estate,” the regulator confirmed. The move effectively converts the penalties into civil debts that can be recovered through legal processes, including the attachment and sale of assets. The FSCA also confirmed it is aware of the Silver Oak Trust, through which Jooste held assets, including interests linked to Lanzerac Wine Estate in Stellenbosch.

“The FSCA has engaged in an extensive effort to search for assets that may be attached to satisfy the debts of the late Mr Jooste,” the authority said. It added that it was aware of “the South African Reserve Bank’s attachment orders against Mr Jooste in his personal capacity, as well as against his family trusts, and members of his family.” According to the FSCA, the South African Reserve Bank had already obtained provisional attachment orders more than three years ago, before Jooste’s death. “The SARB’s enforcement action includes attaching assets in the Silver Oak Trust,” the regulator said. The response also shed new light on other Steinhoff-linked investigations. The FSCA confirmed it had finalised its investigation into Dirk Schreiber, who served as finance director of Steinhoff Europe during the period of the fraud. “The Authority finalised its investigation against Mr Dirk Schreiber, who was the FD in Steinhoff Europe,” the FSCA said. “Mr Schreiber assisted the Authority with its investigation.” Although findings were made against Schreiber for contraventions of the Financial Markets Act, no administrative penalty was imposed. The FSCA said this was “as per the leniency agreement” concluded under Section 156 of the Financial Sector Regulation Act. The regulator declined to disclose whether Schreiber’s cooperation identified additional individuals involved in the fraud, saying it could not provide further details due to ongoing investigations. In another major development, the FSCA confirmed it had completed proceedings against Stephanus Johannes Grobler, also known as Stehan Grobler, who previously served as company secretary, head of treasury and legal counsel at Steinhoff International. “The Authority also successfully finalised its investigation against Mr Stehan Grobler, following the completion of proceedings against Mr Jooste and Mr Schreiber,” the FSCA said. Grobler was hit with an administrative penalty of R358.75 million, the second-largest fine issued in the Steinhoff regulatory fallout after Jooste’s own sanction. The Steinhoff scandal erupted in December 2017 and wiped out nearly R230 billion in shareholder value on the Johannesburg Stock Exchange, triggering years of regulatory, criminal and civil investigations across multiple jurisdictions. Grobler is also facing separate criminal charges, including racketeering, manipulation of financial statements and fraud amounting to R21 billion. He has denied the allegations. The FSCA stressed that its wider market abuse investigation into Steinhoff remains ongoing. “The Authority’s market abuse investigation into Steinhoff has not yet been finalised,” it said. “The Authority is currently engaged in an ongoing enforcement process and is therefore unable to disclose further details at this stage.” When asked whether investigators had uncovered evidence that Jooste may have planned to flee South Africa or conceal assets offshore before his death, the FSCA said it had “no reliable information in this regard”. The unpaid R475 million fine remains one of the most visible unresolved aspects of the Steinhoff saga, with questions continuing to swirl around accountability, asset recovery and whether the full extent of the fraud will ever be publicly uncovered. The man accused of masterminding South Africa’s biggest corporate fraud allegedly shot himself on a cliff path in Hermanus hours before he was due to hand himself over to authorities. He died without indicating whether he intended to seek a review of the FSCA’s findings before the Financial Sector Tribunal.