Ben La Grange, ex-CFO of Steinhoff, has been suspended


Ex-director Stehan Grobler has also been suspended amid an ongoing investigation by PwC.

Although Steinhoff’s former CFO Ben La Grange and ex-director Stehan Grobler stepped down from their full-time roles earlier this year, they have since been suspended from short-term consultancy contracts while an investigation into the company’s finances is underway.

At Steinhoff’s AGM in April this year, Chairwoman Heather Sonn said that any current executive found to have been connected to the financial wrongdoing would immediately be removed.

PwC is currently carrying out an investigation into financial irregularities at Steinhoff which triggered a share-price collapse late last year. The firm is focusing its report on a string of third-party transactions and inflated profit values. As reported by Bloomberg, Steinhoff’s crisis was first triggered when Deloitte refused to sign off on financial results for the year ending 30 September, 2017. The retailer has since written off the value of assets by more than $14.5 billion.

Related articles

The making of a great CFO

Deloitte's Siliziwe Mafika reveals how CFOs can transition into their roles to take on these challenges.