JOHANNESBURG - The South African Institute of Chartered Accountants (SAICA) has suspended Markus Jooste's membership pending finalisation of disciplinary proceedings against him.
Jooste was thrust into controversy when he resigned as chief executive of Steinhoff International in December 2017 amid accounting irregularities at the global retailer.
He is being investigated for his alleged role in the scandal, which saw the company's share price plummet.
Jooste had tendered his resignation from SAICA, but its board resolved not to accept it but instead to suspend his membership pending the disciplinary outcome.
"The board's decision not to accept Jooste's resignation and to suspend his membership pending the finalization of disciplinary proceedings against him, was made in terms of SAICA's By-laws and was conveyed as such to Jooste's lawyers," SAICA said.
"Moreover, SAICA has pointed out to Jooste's lawyers that their client cannot avoid the disciplinary inquiry that SAICA has decided to initiate against him by handing in his resignation."
SAICA said its by-laws were designed to ensure that disciplinary inquiries were conducted in an independent, lawful and fair manner.