CAPE TOWN – Who has the authority to prosecute former Steinhoff chief executive Markus Jooste?
Steinhoff, the once darling of the JSE, wrote off billions of rands in recent times. Steinhoff reported a spectacular $4 billion (R60bn) operating loss in the 2017 fiscal year, in a much-delayed earnings report revealing the impact of a $7.4bn of accounting fraud.
Steinhoff is known to be South Africa’s biggest corporate scandal ever.
According to media reports in May 2019: Steinhoff, which is also listed in Frankfurt, delayed the results after finding holes in its accounts, shocking investors who had backed its reinvention from small South African furniture outfit into a discount furniture retailer straddling four continents.
“The owner of Mattress Firm in the US, the Fantastic chains in Australia and Conforama in France said operating loss came in at €3.7 billion (R61bn) in the year ended September 2017 compared with a profit of €278m in the restated 2016 figures.”