A 79-year-old man, Gehardus Burger, received a suspended sentence on Thursday after pleading guilty to insider trading related to Steinhoff. Burger was arrested earlier that day by the Directorate for Priority Crimes Investigation, commonly known as the Hawks, following a warrant issued for his arrest.
Appearing in the Pretoria Specialised Commercial Crimes Court, Burger pleaded guilty to all three charges of contravening the Financial Markets Act regarding insider trading.
Hawks spokesperson Colonel Katlego Mogale confirmed that Burger was sentenced to five years in prison, which has been suspended for five years, contingent upon his refraining from committing similar offenses during that time. Additionally, the court ordered that the profits earned from the sale of the shares be forfeited to the state.