Markus Jooste Source: Pinterest

Home » Dti and CIPC to Investigate Steinhoff as Lid Lifted on Markus Jooste’s Private Life

Dti and CIPC to Investigate Steinhoff as Lid Lifted on Markus Jooste’s Private Life

The Department of Trade and Industry and the Companies and Intellectual Property Commission (CIPC) are to launch an investigation into allegations against retail holding company, Steinhoff International. And allegations are emerging about the darker side of the private life of the company’s former CEO Markus Jooste. In a statement on Tuesday, the department and the […]

By SAPeople
13-12-17 09:16
in Eish!
Markus Jooste Source: Pinterest

The Department of Trade and Industry and the Companies and Intellectual Property Commission (CIPC) are to launch an investigation into allegations against retail holding company, Steinhoff International. And allegations are emerging about the darker side of the private life of the company’s former CEO Markus Jooste.

Markus Jooste Source: Pinterest

In a statement on Tuesday, the department and the CIPC (which is an agency of the department) expressed concern at allegations of governance failures and financial irregularities at the South African retailer that led to the resignation of its Chief Executive Officer, Jooste (56).

“The dti and CIPC will be launching an investigation into the allegations in so far as they relate to non-compliance with the Companies Act and Regulations.

“The dti will further suggest that the Independent Regulatory Board for Auditors (IRBA) also consider the circumstance with regard to the role of auditors in this instance,” it said.

 

Last week, Finance Minister Malusi Gigaba called on corporates to maintain a high standard of good corporate governance.

Minister Gigaba further announced that he supports the decision by the Financial Services Board (FSB) to institute an independent investigation into Steinhoff.

Many South Africans also called on current affairs programme Carte Blanche (now available by subscription to South Africans around the world) to do an in-depth investigation, but Derek Watts replied apologising and saying that the team is currently on holiday.

Darker Private Life Of Markus Jooste

Berdine Odendaal. Source: Old Khaki

Apart from owning about 200 racehorses (one of which won the famous Durban July last year), a private jet, luxury homes and a lavish lifestyle with a wealth a year ago that was estimated at R5.8-billion… Jooste allegedly also owns an apartment in Bantry Bay where his alleged mistress, polo player Berdine Odendaal (34), apparently lives… according to a joint expose by News24 and Huffington Post.

Jooste, a married man with three children, was allegedly involved in “accounting irregularities” – discovered by German authorities – which may be one of the biggest corporate scandals ever in South Africa… and which has reportedly lost tens of thousands of South Africans millions of rands – including Steinhoff’s own Chairman, Dr. Christo Wiese (76).

Wiese reportedly went from being an American dollar billionaire to a millionaire overnight. According to Quartz, $12 billion was wiped from Steinhoff’s value and an estimated $2.8 billion off Wiese’s personal fortune after news of the scandal broke.

When the irregularities came to light, Jooste immediately resigned and Steinhoff’s Supervisory Board appointed Wiese as Executive Chairman (Delegated Supervisory Chairman) on an interim basis. “In addition, Pieter Erasmus, the previous CEO of Pepkor Group, has agreed to join Dr. Wiese in an executive advisory capacity to assist with managing the group’s various retail interests around the world,” Steinhoff said in a statement.

Steinhoff has 40 local brands in over 30 countries.

Meanwhile, the Government Employees Pension Fund (GEPF) has moved to assure its members that their pensions are safe.

Primary sources: SAnews.gov.za, Steinhoff, Quartz

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