19 March 2019

South Africa: Markus Jooste Wall of Shame Tagged Again?

During a sitting of three parliamentary committees on Tuesday, the chair of the Standing Committee on Finance, Yunus Carrim, remarked that disgraced business leader Markus Jooste was probably "jogging" or "shopping" at that very moment.

The point he was trying to make was that Jooste, the former golden boy of South Africa's business scene, was living each day freely while members of the public and investors were calling, nay shouting, for action and convictions from the authorities following the near-collapse of retailer Steinhoff in 2017.

But some 120km away from Parliament, in Jooste's hometown of Hermanus, the former Steinhoff chief executive was given a rude awakening right on his doorstep.

An artful dodger had tagged the white perimeter wall of Jooste's home with the word "fraudster".

The spray-painted message was noticed by Twitter user @Gina_and_tonic's husband while out on his morning walk.

But while Jooste has been terribly slow to respond to the mountain of claims and evidence against him, he was no slouch in getting rid of the message.

This was not the first time Jooste's wall was defaced - in December 2017, the words "thief" and "con artist" were sprayed over the white paint.

Steinhoff's value plummeted by around 96% after Jooste's sudden and dramatic resignation from the company in December 2017 as the net was closing in on claims of massive accounting fraud at the international furniture retailer.

Last week, the company released a summary of a PriceWaterhouseCoopers report into its financials, revealing Jooste and a group of executives inflated profits and assets by more than R100bn between 2009 and 2017.

Source: News24

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