The South African Reserve Bank published the outcome of its investigation into Steinhoff International Holdings N.V. and related entities, confirming a comprehensive settlement with the Steinhoff Group, now the Ibex Group, over alleged contraventions of the Exchange Control Regulations, 1961. The agreement resolves SARB’s enforcement action through the forfeiture to the State of approximately ZAR6.3 billion plus interest and allows the group to proceed with its Dutch court-approved structured winding-down process, including creditor repayments and operational expenses. Disputes with SARB that emerged from early 2023 led to multiple legal proceedings, including challenges related to the ZAR6.3 billion forfeiture and SARB blocking and prohibition orders over Ibex Group funds and assets. Under the settlement, the Ibex Group withdrew its legal challenge to the forfeiture, the High Court set aside prohibition orders restricting dealings in certain Pepkor Holdings Limited shares, and SARB agreed not to take further administrative or enforcement action against the Ibex Group in respect of the alleged contraventions; all litigation was withdrawn and related judgments were abandoned with the support of a majority of current creditors.
South African Reserve Bank 2025-07-24
South African Reserve Bank settles Steinhoff Ibex exchange control enforcement with ZAR6.3 billion forfeiture and winding-down permissions
The South African Reserve Bank concluded its investigation into Steinhoff International Holdings N.V., now the Ibex Group, with a settlement over alleged violations of the Exchange Control Regulations, 1961. The agreement includes a forfeiture of approximately ZAR6.3 billion plus interest to the State and permits the group's structured winding-down process. The Ibex Group withdrew its legal challenge, and SARB agreed not to pursue further enforcement actions, abandoning all related litigation and judgments.