---
title: "Cosatu welcomes seizure of R67m from former Steinhoff executive"
description: "The trade union federation also noted that workers were deeply frustrated by what has been seen as slaps on the wrist for guilty parties to date, adding that they should be sentenced to long prison terms."
type: "NewsArticle"
publisher: "Daily Maverick"
site: "https://www.dailymaverick.co.za"
section: "CORPORATE FRAUD"
author: "Neesa Moodley"
author_url: "https://www.dailymaverick.co.za/author/neesa-moodley/"
canonical_url: "https://www.dailymaverick.co.za/article/2024-10-21-cosatu-welcomes-seizure-of-r67m-from-former-steinhoff-executive/"
published: "2024-10-21T21:20:47"
updated: "2024-10-21T21:20:49"
lang: "en-ZA"
word_count: 417
---

# Cosatu welcomes seizure of R67m from former Steinhoff executive

> The trade union federation also noted that workers were deeply frustrated by what has been seen as slaps on the wrist for guilty parties to date, adding that they should be sentenced to long prison terms.

By Neesa Moodley · Published 21 October 2024, 23:20 SAST · Updated 21 October 2024, 23:20 SAST

## Key points
- Cosatu has applauded the South African Reserve Bank for seizing R67-million from Steinhoff's former legal eagle, Stéhan Grobler, in a bid to claw back funds from the biggest financial heist in the nation's history— because nothing says "justice" quite like a hefty asset grab and a trial date on the horizon.
- Cosatu applauds the South African Reserve Bank for seizing R67-million in assets from former Steinhoff legal head, Stéhan Grobler, as part of ongoing efforts to recover workers' funds.
- The seized assets include shares and substantial loan accounts, with the funds set to be redirected to the National Revenue Fund.
- Cosatu emphasises the need for tougher penalties for those involved in the Steinhoff scandal, expressing frustration over perceived leniency in past cases.
- Grobler's trial for fraud and racketeering is anticipated, with the next court date scheduled for February 14, 2024.

## Content

In what is likely to be a widely shared sentiment, the Congress of South African Trade Unions (Cosatu) praised the South African Reserve Bank’s (Sarb’s) seizure of R67-million from Stéhan Grobler, the former legal head of Steinhoff.

A Government Gazette published last Friday revealed that Sarb had attached Grobler’s assets to the value of about R67-million.

Assets seized included:

- Shares worth R86,706 in Suez Beleggings;
- Shares worth R7,093 in Steff Grobler Beherende;
- Shares worth R4,900 in Keurview Aandeleblok;
- A loan account of R66,167,405 at Suez Beleggings;
- A loan account of R19,106 at Elmaretch Engineering Works; and
- An amount of R871,652.44 held by the Stehan Grobler Trust in a Momentum Wealth contract.

As with other asset seizures by Sarb, the money will be paid into the National Revenue Fund.

“This is a welcome and long overdue progressive step forward to recovering workers’ funds stolen during the biggest financial heist in South African history. We look forward to Mr Grobler’s trial on fraud and racketeering. It is critical that the National Prosecuting Authority ensure it is ready to secure a conviction and a substantial sentence for Mr Grobler,” said Cosatu.

The trade union federation noted that workers were deeply frustrated by what has been seen as slaps on the wrist for guilty parties to date, adding that they should be sentenced to long prison terms and ill-gotten money returned to pension funds.

In the past month, the National Prosecuting Authority has successfully concluded two plea deals related to the Steinhoff case. At the end of September, former Steinhoff physician Dr Gerhardus Burger (79) received a five-year suspended sentence for insider trading in return for turning State witness.

**Read more:**[NPA secures first conviction in Steinhoff fraud case — a 79-year-old former company doctor](https://www.dailymaverick.co.za/article/2024-09-26-npa-secures-first-conviction-in-steinhoff-fraud-case-a-79-year-old-former-company-doctor/)

A week later, Steinhoff’s former chief financial officer, Ben la Grange, accepted a plea deal to take a 10-year sentence, of which five years were suspended for five years, and also turned State witness.

**Read more**:[Steinhoff ex-CFO jailed over accounts scandal at global retailer](https://www.dailymaverick.co.za/article/2024-10-03-steinhoff-ex-cfo-jailed-over-accounts-scandal-at-global-retailer/)

Grobler last appeared in the Pretoria Specialised Commercial Crimes Court on Friday, 4 October. The case was postponed to 14 February.

The seizure of Grobler’s assets is not the first in the Steinhoff saga and is unlikely to be the last.

**Read more:**[Reserve Bank seizes R60m assets from Berdine Odendaal, leaving her in the cold](https://www.dailymaverick.co.za/article/2024-04-24-reserve-bank-seizes-r60m-assets-from-berdine-odendaal-leaving-her-in-the-cold/)

About a month after former Steinhoff chief executive Markus Jooste committed suicide, Sarb seized about R60-million in assets from his lover, Berdine Odendaal. **DM**