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.

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InFocus

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).

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