Global retailer Steinhoff’s former chair and investor Christo Wiese has described the company’s former CEO Markus Jooste’s conduct as complex.
The Reserve Bank has attached over a billion rand worth of assets linked to Jooste. This was after the High Court in the Western Cape granted the 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.
Wiese on Jooste’s assets being attached:
Wiese lost billions of rand due to the Steinhoff accounting irregularities that Jooste had allegedly orchestrated. The attachment is linked to Jooste’s contravention of the exchange control regulations.
Weise has welcomed the attachment of the assets belonging to Jooste.
” If you consider that the perpetrators of this fraud were for a period of a decade managed to hide the fraud from the internal auditors of the company, from the statutory auditors of the company, from the component auditors, from the regulators, from ratings agencies, from the banks, from the institutions that lend Steinhoff tens of billions of rands, then one should have some idea how cleverly this fraud was constructed.”
