Markus Jooste, Steinhoff, Corruption and the Long Arm of the Law

South African Markus Jooste is the former chief executive officer at Steinhoff a firm that lost billions of U.S. dollars when a closer inspection of its financials revealed that figures had been inflated to paint a rosy picture for investors and shareholders. The firm's audit for 2017 also had to be redone after irregularities were found. In court currently, trustees of a group called Le Toit Trust, that invested over U.S.$49 million with Steinhoff is suing Jooste in his personal capacity, as well as other directors for damages. Jooste may also be facing charges of insider trading for tipping off a friend to sell his shares in Steinhoff, days before the scandal broke.

Markus Jooste, Steinhoff International's former chief executive officer

InFocus

Follow AllAfrica

AllAfrica publishes around 500 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.