Steinhoff’s Markus Jooste Regrets Joint Venture with Austrian Businessman
CAPE TOWN (Reuters) – Steinhoff’s former chief executive Markus Jooste told a parliamentary inquiry today that his main mistake during his tenure, as the retailer battled an accounting scandal, was agreeing to a joint venture with Austrian businessman Andreas Seifert. Rather than take any responsibility for the global furniture company’s share price collapse himself, Jooste […]
CAPE TOWN (Reuters) – Steinhoff’s former chief executive Markus Jooste told a parliamentary inquiry today that his main mistake during his tenure, as the retailer battled an accounting scandal, was agreeing to a joint venture with Austrian businessman Andreas Seifert.
Rather than take any responsibility for the global furniture company’s share price collapse himself, Jooste said he never knew about the “accounting irregularities” and pinned all the blame on his former Austrian partner. He also pointed fingers at Deloitte and poor legal advice.
Jooste said in his testimony that Steinhoff, a global furniture company, probably grew too quickly.
In April, the retailer agreed to sell a 50 % stake in German furniture chain POCO to Seifert, settling a German lawsuit over ownership of the business.
Seifert claimed half-ownership of POCO, while Steinhoff had said he had to be bought out due to unspecified actions by his company, Seifert Enterprises.
(Reporting by Tiisetso Motsoeneng; writing by James Macharia; editing by Jason Neely and Jenni Baxter)
Jooste leaves, not taking questions. @Fin24 #steinhoff #markusjooste (@LameezOmarjee) pic.twitter.com/TOIvxrcWlW
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