LA GRANGE: 5 YEARS JAIL FOR R10OBN FRAUD
The sentencing last week of Ben la Grange, the former chief financial officer (CFO) of Steinhoff, stands as a stark reflection of the troubling dynamics at play in the prosecution of white-collar crime in South Africa.
Following Markus Jooste's suicide, La Grange is the most senior executive who was involved in the fraud.
Steinhoff's kingpin number two's plea deal leaves much to be desired in terms of justice.
His effective sentence of five years in prison for his involvement in the €6.5 billion (about R100 billion in 2017) fraud raises profound concerns about the seriousness with which such crimes are addressed, given the catastrophic consequences for shareholders, pensioners and SA's reputation.
The 2017 collapse of Steinhoff's share price wiped out a staggering R230 billion in market value. It was a monumental blow to investors, with many suffering irreversible financial losses.
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