South African Reserve Bank Clamps Down on Ex-Steinhoff CEO Jooste
The Reserve Bank on October 18, 2022 swooped on properties belonging to disgraced former CEO of Steinhoff, Markus Jooste, Eye Witness News reports. In what was called South Africa's biggest fraud case ever, Steinhoff is alleged to have misrepresented its balance sheets to shareholders for a number of years - a discovery that led to Jooste's hasty exit on December 5, 2017.
Steinhoff's share price took a drastic dip at the time of the discovery, with many shareholders losing their savings. Steinhoff, a furniture and household goods giant, has so far been sued in the German courts for balance sheet manipulation, with unnamed South African company executives being charged. At the time it was not yet confirmed whether Markus Jooste was among them. Steinhoff was listed on the Frankfurt Stock Exchange and was delisted on April 29, 2022.
Jooste's assets of up to U.S.$65.8 million was confirmed confiscated.
Furniture giant Steinhoff misrepresented its balance sheets to shareholders for a number of years. Three years and three months after Steinhoff auditor Deloitte refused to sign off ... Read more »
Steinhoff International is a South African-German-Dutch international retail holding company, dealing mainly in furniture and households goods. The firm operates ... Read more »
Steinhoff International CEO Markus Jooste resigned with immediate effect after the retail giant's admission of financial irregularities that led to an investigation, and a drop of more than 90% in its shares (file photo).