NPA Secures First Conviction and Confiscation Order in Steinhoff Case

Dr. Burger pleaded guilty to three counts of insider trading after selling Steinhoff shares based on a tip from the company’s former CEO, Markus Jooste, shortly before the company's stock value plummeted.

The National Prosecuting Authority (NPA) has achieved its first conviction, sentence, and confiscation order in connection with the infamous Steinhoff corporate fraud case. Dr Gerhardus Burger, a former Steinhoff physician, was sentenced by the Specialised Commercial Crimes Court in Pretoria to five years of imprisonment, wholly suspended for five years, provided he is not convicted of insider trading during this period. Additionally, a confiscation order for €90,000 (R1.8 million) was issued, tied to funds seized by Swiss authorities after Steinhoff's collapse.

Dr. Burger pleaded guilty to three counts of insider trading after selling Steinhoff shares based on a tip from the company’s former CEO, Markus Jooste, shortly before the company's stock value plummeted. Jooste, who was central to the fraud case, took his own life before facing charges. The NPA hailed the conviction as a critical step in the complex Steinhoff case. Dr. Burger is set to testify against his accomplices in further criminal proceedings.