Hawks investigate Steinhoff former CEO Markus Jooste

September 9, 2014. Steinhoff results presentation.Markus Jooste CEO.Pic: RAYMOND PRESTON. © Sunday Times.

Cape Town- In remarkable admission, acting chairperson of  Steinhoff Heather Sonn informed parliament committee on Wednesday that former CEO Markus Jooste has been reported to the Hawks on suspicion of offences under the Prevention Act (Precea).

The company has been briefing parliament committees on the company’s recent share price collapse and “accounting irregularities” hitting pension funds and investors. DA parliament member David Maynier accused Steinhoff of having many accomplices in their corporate fraud, he said, “I think that the truth, when it emerges, is that Markus Jooste probably was at the centre of corporate fraud, but he had accomplices.” JSE CEO Nicky Newton-King did inform parliament that Steinhoff had been cooperative in providing information when they asked and shared reasons why JSE decided not to suspend Steinhoff trading because foreign investors could sell and buy shares. “We dont want to prejudiced SA shareholders”, she said.”

Steinhoff is now under investigation from the Hawks, PwC’s, an internal investigation, the Financial Services Board (FSB) is investigating insider trading and misleading statements as the company tries to re-establish any type of legitimacy from the public and investors.



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