Former Steinhoff executive, Stephanus Johannes Grobler, will spend the weekend behind bars after his court appearance at the Pretoria Specialised Commercial Crimes Court on Friday.
Grobler faces charges of fraud, a pattern of racketeering activities and contravention of Financial Markets Act against Steinhoff International Holdings.
According to police spokesperson, Brigadier Thandi Mbambo, the matter has been remanded to Monday for a judgment on bail.
Grobler was scheduled to be arrested alongside Steinhoff CEO, Markus Jooste, who died by suicide on Thursday afternoon in Hermanus.
Western Cape police spokesperson, Lieutenant Colonel Malcolm Pojie confirmed that an inquest docket was opened for investigation following the death of a 63-year-old man.
Pojie said the deceased suffered a fatal gunshot wound to the head and died after arrival at a private hospital.
Jooste's death follows a penalty of R475 million imposed by the Financial Sector Conduct Authority (FSCA) after it found that he contributed to the publication of misleading or deceptive financial statements about the company.
The FSCA said Jooste's death did not impact on its investigation into the allegations against Steinhoff.
"The investigation will continue as there are not other investigated parties involved. The Authority will also continue to assist the Hawks and National Prosecuting Authority (NPA) with any investigations that they may have underway," the FSCA said in a statement on Friday.
The Authority added that as the penalty on Jooste in his personal capacity had already been imposed at the time of his death, his passing does not impact the penalty.
"The FSCA is legally entitled to recover the penalty from the estate of the late Mr Jooste," the Authority said.
IOL