By Lehlohonolo Lehana.
Directorate for Priority Crimes Investigation (known as Hawks) has arrested the 79 year old suspect in connection with alleagtions of insider trading at Steinhoff.
Hawks spokesperson Colonel Katlego Mogale said the man is expected to appear in the Pretoria Specialised Crimes Court later on Thursday.
“The arrest emanates from an ongoing investigation into Steinhoff, where in November 2017, the then chief executive officer, the late Markus Jooste, is said to have shared information on the selling of Steinhoff shares before they fell.
“Allegations are that the suspect received a tipoff from Jooste in order to sell his shares before their price dropped due to irregularities in the Steinhoff financial statements,”Mogale said.
Mogale said the suspect in 2017 instructed that over 39 000 of Steinhoff shares be sold.
The man faces three counts relating to contravention of the Financial Markets Act.
His arrest comes after that of former Steinhoff CFO Andries Benjamin la Grange, who was taken into custody in June and later granted R150,000 bail in the same court.
La Grange faces two counts of racketeering, five of fraud, one of corruption and three counts of contravention of the Financial Markets Act in relation to the Steinhoff investigation.
Meanwhile Western Cape police said that the death of Jooste was still under investigation and refuted claims that they are withholding information on the matter. Jooste died in March this year by suicide. An inquest docket has been opened.