Steinhoff fallout: Former SARB employee Grové to forfeit almost R10 million

Christiaan Tielman Grové, a former employee of the South African Reserve Bank (SARB), is set to forfeit almost R10 million in cash, vehicles and property following a forfeiture order tied to the Steinhoff investigation, the SARB said.

What is being forfeited

The SARB’s notice lists specific assets to be forfeited to the State. These include nearly R1.1 million in a fixed deposit account at Investec Bank and a property described as section No. 32 in the Val De Vie Storage Facility with a last known municipal value of R360,000.

Vehicles named in the order are a white 2019 Toyota Fortuner (estimated value R504,000), a white 2014 BMW 3 Series (estimated value R140,000), a white 2015 Toyota Auris XR CVT (estimated value R160,000), and a 2011 Jurgens LT670 trailer.

Legal and administrative steps

The forfeiture notice, issued in the name of Fundi Tshazibana in her capacity as Deputy Governor of the SARB’s Prudential Cluster, declares the money and goods forfeited to the State and directs that the cash be deposited into the National Revenue Fund.

The notice states the goods “shall be realised in such manner as the SARB may deem fit and the proceeds thereof, shall be disposed of by deposit thereof into the National Revenue Fund.”

Allegations and judicial findings

The SARB said Grové surrendered part of his rand salary in exchange for a foreign currency equivalent abroad totalling €149 000, equivalent to approximately R2m, without permission and in breach of Exchange Control Regulations. The SARB declared he had flouted those regulations.

A judgment handed down in October last year is referenced in the reporting. The report also states that Grové failed in his appeal last month against the SARB’s actions.

Where he lives and other details

The report says Grové lives in Paarl in the Western Cape and that he will turn 69 on 15 July. The SARB’s notice sets the date of forfeiture as the date of publication of the notice and order in the government gazette.

“By virtue of the functions, powers and/or duties vested in me, in my capacity as a Deputy Governor of the SARB, in terms of the delegation and assignment of the functions, powers, and/or duties referred to in paragraph one above, I hereby give notice of a decision to forfeit to the state the following money and/or goods and I hereby declare and order forfeit to the State the following money and/or goods,”

Fundi Tshazibana, deputy governor, SARB Prudential Cluster

Next steps

The SARB’s notice says the cash will be deposited into the National Revenue Fund and that proceeds from realised goods will also be deposited there. The report notes Grové told the court he had repatriated his funds and closed his offshore account by the time the SARB conducted its investigation.

Reported by IOL.