The SARB has seized millions of rands belonging to former Steinhoff executive Stephanus Grobler, says a Business Day report.

Grobler is facing criminal charges over the massive fraud that sank the company in what became SA’s largest corporate fraud in history.

In a Government Gazette on Friday, the SARB said it had seized money belonging to Grobler, who was arrested in March over allegations including fraud, a pattern of racketeering activities and contravention of the Financial Markets Act.

Grobler, who also uses the name Stéhan, was arrested a day after erstwhile CEO Markus Jooste committed suicide in Hermanus seven months ago.

The SARB seized R871 000 held in Momentum Wealth and R66m loan accounts declared by Grobler in an outfit called Suez Beleggings, as well as several small amounts held with different entities.

The money was frozen over contraventions of exchange control regulations.

Steinhoff is demanding Grobler pay back nearly R300m he was paid in salaries, bonuses and other incentives.

Grobler, who worked for the group in various capacities in a period spanning 19 years, is facing a demand of R238m from Steinhoff Africa Holdings, €1.3m from Steinhoff Europe Group Services and €315 000 from Steinhoff Europe.

In their particulars of claim, the entities say the money paid to Grobler during his stay with the group, in particular bonuses and share incentives, were paid out in the false belief that the financial statements of the group accurately reflected its true financial position, as well as its profitability and performance.

The group says that in light of the fraud at the company, which saw its asset base inflated, it has been impoverished by the payments to Grobler and he was unjustifiably enriched in the process.

The report notes the lawsuit was initiated in May 2023.

Full Business Day report