A former director and board member of Steinhoff at Work has been sentenced to five years' direct imprisonment for fraud linked to South Africa's largest corporate scandal. The Pretoria Specialised Commercial Crimes Court handed down the sentence to Iwan Peter Schelbert (63), following his conviction on charges involving more than R376 million (or 19 638 705,60 Euro).
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Schelbert, who is based in Paarl in the Western Cape, entered into a plea and sentence agreement with the state. According to the National Prosecuting Authority (NPA), he played a key role in generating a fraudulent invoice to Switzerland-based TG Sources SARL in November 2016. The invoice was created under instructions from Steinhoff's former chief financial officer, Andries Benjamin la Grange.
The NPA said that additional supporting documents were later produced to falsely present the transaction as legitimate. This scheme resulted in Steinhoff's financial statements being artificially inflated by more than R376 million.
The conviction marks the third successful prosecution connected to the Steinhoff scandal. La Grange was sentenced to 10 years in prison in October 2024, with half of the sentence suspended after he pleaded guilty to fraud. In a separate case, former Steinhoff physician Gerhardus Diedricks Burger was convicted of insider trading in September 2024.
The NPA and the Hawks welcomed Schelbert's conviction, describing it as a significant step in holding individuals accountable in one of the most complex corporate fraud cases in South African history. Legal proceedings against two remaining former executives are set to continue in February 2026.
Source: www.knysnaplettherald.com
