Steinhoff'S Drama: Former Director Gets Five-Year Prison Time For Mega Fraud

Justice Hits Hard: Steinhoff's Former Director Behind Bars

In a plot that seems straight out of a high-stakes financial thriller, former Steinhoff director Iwan Peter Schelbert has been handed a five-year prison sentence. Convicted of orchestrating a fraud scheme that involved a staggering R376 million, Schelbert’s fall from grace has become the latest chapter in the ongoing Steinhoff saga.

The Pretoria Specialised Commercial Crimes Court delivered the verdict on Friday, putting an end to Schelbert’s legal battle. This sentence, imposed under section 276(1)(i) of the Criminal Procedure Act, follows Schelbert’s plea and sentence agreement with the State.

“This case underscores the serious consequences of financial misconduct and highlights the intricate nature of corporate fraud,” noted a legal analyst familiar with the case.

The Scheme and Its Players

Schelbert, now 63 and hailing from the picturesque town of Paarl in the Western Cape, had been deeply embedded in Steinhoff at Work from June 2004 until March 2018. His alleged wrongdoing dates back to November 2016, when he, acting on the instruction of then-chief financial officer Andries Benjamin La Grange, concocted a fraudulent invoice to TG Sources SARL, based in Switzerland. This elaborate ruse involved creating fake supporting documents, with help from figures like Stephanus Johannes Grobler, to give the appearance of a legitimate transaction.

The deception ultimately inflated Steinhoff’s financial statements to the tune of R376 million, a maneuver that has sent intense ripples throughout corporate circles.

A Long Road of Justice

The National Prosecuting Authority (NPA), alongside the Hawks, has embraced this conviction as yet another significant win in the sprawling Steinhoff investigation. They’ve highlighted the case as the third successful conviction tied to the controversial corporation, emphasizing the complexity and scale that demanded exceptional collaboration and technical expertise.

Meanwhile, the legal drama surrounding other key figures continues. The cases of Hein Adendaal, 67, and Stephanus Johannes Grobler, 64, have been postponed until February 6, 2026, promising further developments in this riveting corporate scandal.