Home

ABSA seeks to liquidate former Steinhoff CEO assets

Reading Time: < 1 minute

An application by a leading bank group to have one of the companies of former Steinhoff CEO Markus Jooste liquidated is expected to be heard in the High Court in Cape Town on Friday.

ABSA has filed papers to have Mayfair Speculators Property Limited (MSPL) liquidated in an effort to recover debt of more than 220 million rand.

MSPL’s main asset is its shares in Steinhoff International Holdings. Other assets include race horses.

Jooste resigned from Steinhoff at the beginning of the month amid allegations of accounting irregularities.

Steinhoff International is Europe’s second-largest furniture retailer by sales.

Author

MOST READ