Reserve Bank seizes assets of former Steinhoff CEO Markus Jooste

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The South African Reserve Bank has attached over a billion rand in assets linked to former Steinhof International CEO Markus Jooste. This was after the Western Cape High Court granted the Reserve Bank an application to attach all assets linked to Jooste.

The assets, estimated at R1.4 billion, include a house, wine farm and other possessions held in a trust. The matter is linked to a case of an alleged contravention of the exchange control regulations against Jooste.

He is also linked to the collapse of Steinhof due to alleged accounting irregularities.

Editor of Financial Mail, Rob Rose explains, “It would seem at this stage that it’s about non-disclosure and incorrect disclosure of foreign exchange matters. I wouldn’t think this involves the major essence of fraud charges that is in the domain of Europe and SA. PW investigators found that R106 billion in fictitious transactions in Steinhoff account for more than a decade.”