Former Steinhoff manager to spend multiple years in jail.
A court in Lower Saxony has convicted a previous manager of the Steinhoff Group to six years behind bars. This marks the third punishment directed toward the individual. Nevertheless, because the ongoing trial lengthily exceeded, two years of the prison sentence have currently been served.In connection to a former accounting scandal enveloping the retail group Steinhoff, a past manager received a six-year prison sentence and a 252,000-euro fine from the regional court in Oldenburg, Lower Saxony, for avoiding corporate taxes. As per a court representative, two years of the prison sentence had already been served due to the prolonged duration of the proceedings, violating the rule of law.
The ruling additionally encompassed two former verdicts against the man for false accounting and personal tax evasion, resulting in a three and a half-year prison sentence. The defendant was a former director of European subsidiaries of the worldwide operating Steinhoff Group situated in Westerstede.
The 64-year-old was established guilty of tax evasion in a total of 20 instances. According to the accusation, these offenses transpired between 2008 and 2012. In total, more than 26 million euros were implicated.
The holding company of the Steinhoff group concentrates on furniture store and retail chains in the USA, Europe, Africa, South America, Australia, and New Zealand. They formerly managed furniture store chains in Germany as well. Irregularities in the fiscal report were disclosed in 2017, causing the organization to enter a crisis. According to the public prosecutor's office, these irregularities covered illicit transactions that were misleading and increased asset valuations in the Group. This influenced the amalgamated balance sheet and the tax burden.
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Source: www.ntv.de
