MORE STEINHOFF EXECUTIVES EXPOSED 

According to a PwC report, Markus Jooste, the former CEO of Steinhoff, and several top executives invested R100-million in a commercial property in Portugal to secure golden visas in 2016. This strategy sought to help them and their families gain residency in the European Union.

The scheme involved buying a building from Conforama, a Steinhoff subsidiary, and the building was then leased back to Conforama for R4.5-million a month. Despite the ambitious plan, the scheme fell apart after Steinhoff's financial irregularities were uncovered in late 2017. The golden visa applications were frozen by the Portuguese government due to the ensuing scandal, leaving the investors without the residency they sought. 

PwC revealed that many aspects of the transaction lacked proper approval and documentation, raising further questions about transparency and governance within Steinhoff.

The property’s fate remains unclear after Steinhoff sold Conforama in 2020, according to Fin24.

Other Steinhoff grandees involved in the transaction include former Treasury head Stéhan Grobler, ex-chief operating officer Danie van der Merwe, former chief financial officer Ben la Grange, and Mariza Nel—the group's ex-head of corporate services, IT, and human resources.

Jooste, who is believed to have committed suicide in 2022 — added two of his children, Andrea, and Michael, as well as Van der Merwe's children, Danelle, Patricia, and Rykie — as  part of the scheme.

(Pictured—Treasury head Stéhan Grobler, ex-chief operating officer Danie van der Merwe, former CEO Markus Jooste, and former chief financial officer Ben la Grange)