The state has secured its fifth conviction in the multi-million rand Steinhoff saga after the former auditor was sentenced to four years’ imprisonment or a R2-million fine.
The Pretoria Specialised Commercial Crime Court sentenced Hein Odendaal, 68, the former Steinhoff audit executive, after he pleaded guilty on Thursday.
The court sentenced Odendaal, from Gauteng, to a fine of R2 million or, alternatively, to four years’ imprisonment.
Court sentences former Steinhoff auditor Odendaal
The ex-auditor was also sentenced to an additional two years’ imprisonment. This sentence is wholly suspended for a period of five years on the following condition: that the accused is not convicted of contravention of section 34 (1) of the Prevention and Combating of Corrupt Activities Act (PRECCA) committed within the period of suspension.
The accused must also subject himself to a one-year correctional supervision in terms of section 276(1)(h) of the Criminal Procedure Act, 51 of 1977, in terms of section 34(1) read with sections 34(1)(b), 34(2), 34(4)(e) and 26 of the PRECCA, Act 12 of 2004.
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The sentence follows Odendaal’s plea and sentence agreement with the state.
The accused participated in the Steinhoff saga.
According to the Directorate for Priority Crime Investigation (Hawks) spokesperson, Katlego Mogale, Odendaal, in his position at the company, failed to report the fraud committed through fictitious income.
False, misleading audited statements
His actions led to false and misleading audited financial statements for the police.
The company’s unscrupulous activities were uncovered in 2017 when auditors refused to sign off on the 2016 annual financial statements.
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Investigations revealed that the company’s executives created fictitious transactions worth 6.5 billion euros (R197 billion), which significantly impacted share prices on both the Johannesburg Stock Exchange and Frankfurt Security Exchange.
The revelation led to a Stock Exchange News Service (SENS) announcement by the Steinhoff Group, informing shareholders that further investigation was required due to accounting irregularities.
Odendaal surrendered himself to the Hawks’ Serious Commercial Crime Investigation just hours before his fellow accused’s scheduled court appearance at the Pretoria Specialised Commercial Crimes Court on 14 February 2025.
Fifth conviction secured
This conviction is the fifth successful conviction secured in the long-running matter.
The matter against Stephanus Johannes Grobler, 64, is set for 14 May 2026.
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“The acting national head of the Directorate for Priority Crime Investigation, Lieutenant General Patrick Mbotho, welcomed the sentence and encouraged the investigation as well as the prosecution team to continue being focused on bringing all those involved in this matter to justice,” Mogale said.
The Steinhoff case took a dramatic turn in March 2024 with the death of former Steinhoff CEO Markus Jooste.
Steinhoff saga
His death came shortly after the Financial Sector Conduct Authority (FSCA) imposed a R475 million penalty.
According to the NPA, Jooste allegedly took his own life after learning of pending arrest warrants.
Additional reporting Enkosi Selane and Lesego Seokwang.
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