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Markus Jooste’s friend walks free after guilty plea in Steinhoff fraud case

The Pretoria Specialised Commercial Crimes Court has sentenced 79-year-old Gehardus Burger to a five-year suspended sentence for his involvement in the Steinhoff scandal, South Africa’s most prominent corporate fraud.

Burger was arrested on Thursday morning, appeared in court and was sentenced on the same day.

STEINHOFF SAGA ACCUSED GETS SUSPENDED SENTENCE

Directorate for Priority Crime Investigation (also known as the Hawks) spokesperson Colonel Katlego Mogale said Burger pleaded guilty on all three charges of the Contravention of the Financial Markets Act (insider trading) and subsequently sentenced to five years imprisonment, suspended for five years on condition that he does not commit the same crime in that period. The court also ordered that the monies accrued from the sale of the shares be forfeited to the State.

Earlier on Thursday, The South African reported that Gehardus Burger’s arrest emanates from an ongoing investigation into Steinhoff. In November 2017, the then-chief executive officer (CEO), the late Markus Jooste, is said to have shared information on selling Steinhoff shares before they fell. 

The allegations are that the suspect received a tip-off from Jooste to sell his shares before their price dropped due to irregularities in the Steinhoff financial statements.

“In 2017, the suspect instructed that over 39 000 Steinhoff shares be sold. The suspect knew that Jooste was Steinhoff’s CEO and, by virtue of his employment, had inside information at the time.

“The 79-year-old suspect is charged with three counts of Contravention of the Financial Markets Act ( Insider Trading). His arrest follows that of Stephanus Johannes Grobler, who has since been released on bail and is due back in court on 4 October 2024,” Hawks spokesperson Colonel Katlego Mogale said.

DO YOU THINK GEHARDUS BURGER’S SENTENCE IS FAIR CONSIDERING HIS CRIMES?

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