The SA Reserve Bank has laid a corruption complaint against a former divisional head at its Financial Surveillance department, Raymond Paola, who was between 2012 and 2017 tasked with overseeing Steinhoff’s large cross-border transactions.
Steinhoff: Reserve Bank manager signed off on billions in alleged unlawful cross-border transactions His co-accused is said to be former CEO Markus Jooste and company risk manager Chris Grové.
Netted during Sarb investigators’ preliminary probe was Steinhoff’s risk manager, Chris Grové, another former Sarb employee. Documents, including emails, suggest Grové was the point man between Steinhoff and Sarb who worked closely with Paola. Grové is said to have spilled the beans on Paola during an interview with Sarb investigators when he revealed that former company CEO Markus Jooste allegedly fed the bank’s watchman with horse racing tips.
Sarb registered the complaint against Paola, Grové and Jooste in 2022 with the Hawks in terms of South Africa’s corruption legislation. The unit’s Specialised Commercial Crime unit is supposedly investigating the matter, Hawks spokesperson Katlego Mogale confirmed. She declined to confirm the suspects listed in the case.
Sarb freezes billions in Steinhoff accounts — but you wouldn’t notice in company financial statements Ferreira declined to comment on the matter further, saying he could not speak about Steinhoff issues. He recently did sign an affidavit solicited by the Hawks in an unrelated Steinhoff case. Ferreira left Steinhoff in 2016. In February 2017, 10 months before Steinhoff spectacularly imploded, Ferreira won an Individual DealMaker of the Year 2016 award for work done relating to Steinhoff and Tekkie Town. The award speeches praised Ferreira for his excellent memory and attention to detail.
Paola allegedly confirmed that he did receive these gifts and benefits during an interview with Sarb investigators.
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