Cape Town — Former Steinhoff Chief Financial Officer (CFO), Andries ‘Ben’ La Grange, received a 10-year prison sentence after pleading guilty to fraud amounting to more than R300 million.
La Grange appeared in the Pretoria Specialised Crimes Court where he testified for the State in further Steinhoff prosecutions. He received the 10-year sentence, with five years suspended and will serve an effective five years behind bars, The Citizen reported.
La Grange appeared in court in June this year in connection to Steinhoff’s downfall in 2017. He was initially charged with racketeering, fraud, corruption and contravening the Financial Markets Act. He was granted bail of R150 000 under strict conditions.
After previously signalling his intent to plead guilty, he entered into a plea with the state and a sentence agreement with the state.
La Grange had previously falsified financial statements between 2014 and 2016, and in 2022, he was fined R2 million by the Johannesburg Stock Exchange for violating listing rules.
[BREAKING] Former Steinhoff CFO Ben la Grange gets 10-year sentence. He will serve only 5 years in prison after entering into a plea deal.#Newzroom405 pic.twitter.com/tBxSy9Qa9j
— Newzroom Afrika (@Newzroom405) October 3, 2024
According to News24, La Grange pleaded guilty to fraud in connection to an invoice that was valued at more than R376 million. The minimum sentence for a fraud case in matters over R500 000 is 15 years.
However, state prosecutor, Dries Van Rensburg, said that La Grange showed remorse and as he was a first-time offender and assisted the negotiations, he was granted a more lenient sentence.
“He has undertaken to assist and testify in further prosecutions emanating from the Steinhoff prosecutions,” Van Rensburg said.
La Grange is the second Steinhoff member to be arrested following the arrest of Dr Gerhardus Burger, who pleaded guilty to insider trading. He pleaded guilty to three counts of insider trading and was sentenced to five years in prison.
Ex-Stenhoff CEO, Markus Jooste was hit with a mammoth R475 million fine in March this year for financial statements from 2014 to 20177, but just one day later, he died of a suspected suicide.
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Compiled by Matthew Petersen
