Tax evasion: Probably the last trial surrounding the Steinhoff accounting scandal

Tax evasion: Probably the last trial surrounding the Steinhoff accounting scandal

tax evasion
Probably the last trial surrounding the Steinhoff accounting scandal






Due to balance sheet manipulation, furniture retailer Steinhoff’s billions in value vanished into thin air in 2017. The legal process has been going on for years. Now there is an end in sight.

What is expected to be the final trial surrounding the accounting scandal at the Steinhoff furniture company has begun. A former managing director of the group is standing before the Oldenburg regional court for tax evasion, a court spokesman said. The public prosecutor accuses the defendant of defrauding the state of 13.5 million euros.

Former managing director back in court

According to the indictment, the 53-year-old worked as managing director of various companies in the furniture company. From November 2011 to October 2016, he is said to have provided false information to the tax authorities in this role, thereby reducing taxes amounting to millions. The public prosecutor’s office assumes 18 cases.

According to the court, the defense announced that the defendant would respond to the allegations at the next hearing in mid-November. The regional court had already sentenced the man to three and a half years in prison in August last year. The case concerned the incorrect presentation of balance sheets and aiding and abetting loan fraud. Because the trial was delayed at the time, one year of the sentence was considered to have been completed.

Billions vanished into thin air

The Steinhoff brand has its roots in Westerstede in Lower Saxony; at times the German furniture store chain Poco was part of the company. When the balance sheet manipulation became public at the end of 2017, the stock market price plummeted. Shareholders lost billions of euros in assets. Many investors in South Africa were affected, including pension funds.

Markus Jooste, the former boss of the Steinhoff furniture company, was considered the mastermind. The investigators assume that he instigated the manipulation of balance sheets. The former manager never appeared in court. After his death became known, the case against Jooste was dropped on April 9th.

Negotiation dates until the end of April

The legal investigation into the scandal has been going on for years. In addition to Jooste and the ex-managing director, another manager and a trustee were also charged. There are still 26 appointments scheduled in the ongoing process. A verdict could come at the end of April.

dpa

Source: Stern

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