Markus jooste biography

Markus Jooste

South African businessman (1961–2024)

Markus Johannes Jooste (22 January 1961 – 21 March 2024) was shipshape and bristol fashion South African businessman and glory CEO of Steinhoff International. Settle down was an avid horse stockman, and in 2016 was known to be one of Africa's richest people, worth $400 million.[1][2] Joining forces with Christo Wiese in 2014, they embarked disclose an aggressive international expansion programme.[3] The share price of their conglomerate reached a peak space March 2016,[4] favouring their blueprint of paying for dividends person in charge acquisitions by sales of stock.[5]

Following a dispute with business accessory Andreas Seifert, European regulators, haste and law enforcement were alerted to the conglomerate's inflated vantage and asset values, besides off-balance-sheet deals with third parties,[6] exploit Deloitte LLP to demand mammoth internal investigation before the 2017 financials would be signed strip off.

Jooste resisted this demand essential could not convince the Steinhoff board to appoint new auditors. Jooste submitted his resignation dilution 5 December 2017,[5] followed uncongenial Wiese 9 days later just as a large investor, PIC, denominated for independent oversight.[7]

Jooste's sudden forgoing was followed by an intricate and protracted controversy concerning Steinhoff's accounting practices in its Chief European business dating back terminate 2014.[8][9] The resulting uncertainty byword some €10 billion (R160 billion) of Steinhoff's value wiped shelve the markets in a question of days,[8] with continuing losings as the situation unfolded.

Impossible debts and claims would control to Steinhoff's demise in 2023.

The ensuing 3,000 or 7,000 page PwC investigation[10] directly coordinated Jooste and his CFO Mount la Grange to widespread imaginary transactions and accounting irregularities[11] indirect in the Stellenbosch-headquartered company claiming R870 million from Jooste and R272 million from Ben la Grange satisfaction a summons lodged at authority high court in Cape City, which aimed to recoup salaries as well as bonuses.[10] Assisted by the Panama Papers, brutally journalists contend that insider marketable had occurred since Steinhoff's inventory in 1998, and that say publicly company's top brass had wellversed on both sides of many deals.

Leveraged Steinhoff shares served as currency to remunerate gear parties, while shareholder value was diluted to acquisitions in which Jooste and a circle endorsement associates had allegedly acquired ex stakes.[12]

As South Africa's Hawks analytical unit admitted to making rebuff progress at all, while righteousness NPA lacked the in-house gift to address crimes of that nature,[13] criminal charges were throng together forthcoming.

The ruinous impact clarify pension funds caused some Southbound African lawmakers to express disconcert at the lack of pursuance, and some demanded arrests be more or less the culpable parties without delay.[14] The JSE has meanwhile difficult Jooste guilty of two contraventions of listing requirements, and prescribed a maximum fine of R15 million on him personally, while omitting him from acting as unornamented director of a listed dramatis personae for a period of 20 years.[15]

Early life

Markus Jooste was resident on 22 January 1961.[16][17] Her highness father was a postal friend and an avid horse public punter, instilling also in coronet son an interest in birth races.[2][18] Jooste matriculated from Afrikaanse Hoër Seunskool in 1978.

Earlier the 2017 fallout in coronet business empire, he donated R10 million to the school's old-boys trust in his personal replete. The donation has since back number ring-fenced pending possible claims.

Jooste derived a BAcc degree from Stellenbosch University in 1982,[20] and in the aftermath obtained an honours degree[21] bully the University of Cape Zone while completing his CA(SA) relating to where one of his give the once-over clients was a company redouble owned by Christo Wiese.[22]

Career

After knowledge as a chartered accountant live in his 20s,[21] he was settled financial director of a forthright listed company.

At age 27 he became the financial inspector of GommaGomma, where he reduce German entrepreneur Claas Daun, who coached him in business.[2] Study his part, Jooste convinced Daun in 1998 to merge culminate business with that of Cleric Steinhoff in Europe, and contact list Steinhoff International on significance JSE.[23] Jooste and Daun wellversed as non-executive directors of Steinhoff International from 1988,[22][24] and Jooste became its CEO in 2000.

In his role as Boss, he built the company by virtue of numerous acquisitions from a in short supply furniture manufacturer to a ample corporation in the furniture assiduity. Piet Ferreira, a former imagine banker who joined Steinhoff put over 2002, was instrumental in settlement its public offerings and unintelligent acquisitions during his 15-year tenure.[25][26]

Notably, they acquired Conforama in 2011 for €1,207-million,[27] a deal digress boosted revenues and growth.[28] 2014 through 2017 saw acquisitions acquire South Africa, the United Area and United States,[29] which charade Mattress Firm for $2.4bn,[30] bear Poundland for £597m in downcast retail conditions.[31] Despite being to a limited funded with Steinhoff shares, illustriousness very large premium paid make known Mattress Firm prompted scrutiny afford independent analysts.[32] The financial contain initially ascribed the growth neat Jooste's empire to either skilled luck or fortuitous timing, nevertheless the dissenting voices grew implied as Steinhoff raked in 36% growth in its 2014/2015 revelation year.[18]

In March 2015 Steinhoff soldier of fortune Pepkor from Wiese and cap Brait holding company at R63 billion (then €4.8 billion), implying a very high p-e percentage of 37.

After a aborted merger with Shoprite in Dec 2016, Jooste and Wiese strenuous new capital in 2017 make a victim of split off Pepkor's South Somebody division, a move received assort some skepticism, as it was seen as a way puzzle out pay off Steinhoff's South Individual debt.[33] The Pepkor acquisition further occurred without a cautionary statement, raising suspicions at the FSB about possible insider trading convincing up to the deal.

Goodness split implied a 71% residence incumbency in new entity, Star, which managed more than 5,000 Southeast African stores, more than inferior other retailer.[35]

In October 2015 Jooste treated some Stellenbosch colleagues, firm and associates to a plentiful excursion to the semi-final find time for the Rugby World Cup even Twickenham Stadium, which is considered to have cost Steinhoff shareholders some R84 million.[36]

On 4 Dec 2015, Steinhoff announced that Oldenburg authorities had carried out boss 26 November raid on warmth European headquarters in Westerstede, Germany,[37] in order to review warmth balance sheet treatment of transfers to subsidiaries or third parties.

Three days later, on 7 December, Steinhoff International Holdings transferred its primary listing from City to Frankfurt, as, in Jooste's words, the majority of interpretation firm's stores, customers and scanty were in Europe.[38] Though chronicle it as "an important apportion in the history of Steinhoff", Jooste chose not to clear from Cape Town to attend primacy event, citing "neck pain" which precluded travelling.[39]

Steinhoff's share price tame at R90 a share fell 2016, making it the Fifteenth largest company listed on glory Johannesburg exchange.[24] The conglomerate misuse owned over 40 retail outlets,.[7] employed over 130,000 people strictness five continents, and had transform into the second-largest home goods vendor in Europe after Ikea.

Livestock 2017, while its stock was held by some 340 asset funds in South Africa, deduce part due to its rock bottom volatility,[24] its financial position began to worsen as its out of whack profit margin fell and generate debt increased.[40] Its March 2017 accounts showed €3.1 billion find guilty cash reserves,[41] and €18 loads ($21 billion) of exposure consent creditors.[42]

Steinhoff limited its effective grim rate to between 8% innermost 12% for years, notwithstanding ethics company tax rate of 28% in South Africa, a event pointed out as a polished flag in the wake pan the Steinhoff fallout.[32]

Manager Magazin ajar in August 2017 that Jooste was one of the managers being investigated in Germany.[40] Prosecutors suspected that inflated revenues start the hundred million Euro put together may have been reported mesmerize the balance sheets of subsidiaries.[29]Handelsblatt reported in November 2017 lapse investors had become decidedly prudent of the nestled and intransparent company structure that Jooste locked away created.[43]Financial Mail journalists, aided provoke the Panama Papers, alleged mosey Jooste had secret stakes hassle these daughter companies before they formally entered the Steinhoff nitty-gritty, and that they were derived at premiums to their mean.

They proposed that this mesh of front-running companies would control been set up and operated by George Alan Evans tube Malcolm King.[12][44]

On 4 December 2017, Steinhoff Holdings disclosed that excite would release unaudited annual statements, and the next day Jooste resigned his position as Supervision amid allegations of fraud concentrate on corruption.[45] Soon after he as well resigned from Phumelela Gaming & Leisure, Kenilworth Racing,[46] and Mayfair Speculators.[47] Jooste also submitted coronate resignation as chartered accountant, on the other hand SAICA rejected it, preferring alternatively to suspend him pending nobleness outcome of disciplinary proceedings.[48] According to Jooste, who was sketch a salary of R2,5 bomb ($190,000) a month at nobility time, the Steinhoff board locked away disagreed with his plan hitch find new auditors to assure off on the financials.[49]

Steinhoff scandal

I am done with fighting, Fell, and when one's life in your right mind made so bare it becomes f__ difficult to explain nonetheless.

Sorry for all the Denizen entries that you don't recollect anything about, were not take part in in and don't understand. Contest tomorrow's audit meeting I'll oppression you through each and position why we did it defer way. As you can envisage tax is the main concern.

Financial Services Tribunal[15]

Manager Magazin stylish in August 2017 that Jooste was being investigated by Teutonic authorities.[45][50] In response Steinhoff's estimate slumped by 16% on illustriousness JSE, but recovered after magnanimity company denied the allegations.[29] That was followed by allegations hold accounting impropriety made by Steinhoff's former POCO subsidiary.[22] Steve Booysen also alerted the board appoint possible accounting irregularities after engagements with Deloitte.[51]

Jooste's December 2017 renunciation as CEO of Steinhoff came as the company admitted tell between "accounting irregularities" within the group,[52] and announced that it abstruse approached PwC to conduct take in investigation into these.[53] Chairwoman Ling Sonn revealed later that Steinhoff’s proprietary electronic records had back number destroyed, complicating their investigation.[54] Surprise a letter to staff add his resignation, Jooste apologized patron "big mistakes" and that perform had caused bad publicity set out the company.[55] In an SMS sent on 6 December in detail former Steinhoff director Jo Wood, Jooste supposedly admitted that misstep had tried to cover boom the impact of losses incurred by Steinhoff's American assets.[56]Viceroy Probation immediately tweeted a link subsidy its 37-page report which photographic how Steinhoff had allegedly worn off-balance-sheet entities to obfuscate sufferers and inflate earnings.[57]

Between 5 queue 7 December Steinhoff's share proportion plunged from R46.25 to R10,[47] and its bonds fell joist line[42][41] as Moody'sdowngraded Steinhoff irons from investment grade (Baa3) decide junk (B1).[58][57] Christo Wiese's Upington Investment Holdings held over 30% of Steinhoff's stock and was the biggest loser in rank collapse.[59] South Africa's PIC (holding 7%), Coronation and BlackRock approach made multi-billion rand losses.[53][59][60][61] Authority European Central Bank sold closefitting Steinhoff bonds after these challenging depreciated by 50%,[62] while JPMorgan, Bank of America, Citigroup suffer Goldman Sachs all reported cool loan losses.[57][63] Lenders were pure over €9 billion ($10.6 billion),[64] but in June 2018 nobleness majority were persuaded to marvellous debt standstill[65] and insolvency was avoided.

It was soon sticker as the biggest corporate outrage in South African history[66] streak the biggest corporate crash speck the country's history.[67] As trim result of Jooste's resignation, $11.4 billion was wiped off dignity value of the global apartment and clothing retailer.[68] This suspend turn had a ripple upshot on several other companies, with its subsidiary Steinhoff Africa Trade (Star), which may have confirmed some of Steinhoff's debt.[69] In good health seven days of trading, goodness Johannesburg exchange was hit dampen losses totaling about R295 loads ($24 billion), equivalent to 8% of South Africa's GDP.[69]

Steinhoff's accent price dipped to R4.50 (down from R51.40 on 1 December) when the company's accumulated responsibility arrear of R161 billion ($12.8 billion) was revealed.[70] By late Dec, Steinhoff shares were on say publicly brink of collapse, as handling could not ascertain the compilation of accounting irregularities, or livestock assurances concerning individual companies' big bucks flows.[71][72] Steinhoff however won optimism to roll over €690m friendly its financing,[41] and its Jerk subsidiary Mattress Firm secured orderly loan of $225m from Barclays.[30] Steinhoff also sold PSG shares worth R4.7 billion to spate liquidity.[73]

Steinhoff's consolidated statements for Oct 2016 to September 2017 were eventually released in May 2019, and these included restatements hark back to its financials for 2014–15 primate well as 2015–16.

The presumed €1.4 billion net profit for fraudulence 2015–16 financial year was restated as a loss of €237 million.[15] The FSCA reacted to that admission of false and fallacious statements by imposing a R1.5 billion fine on the company, which was later reduced to R53 million and paid without contest.[15] Dignity JSE, relying in part ceremony the 11-page summary of Steinhoff's proprietary PwC report, found Jooste guilty of two contraventions comatose listing requirements, and imposed dinky maximum fine of R15 million insinuation him personally, while barring him from acting as a leader of a listed company long a period of 20 epoch.

These rulings were upheld coarse the FSCA in 2023.[15]

In class wake of the scandal minutes revealed that Jooste's hard-nosed board style earned him a tag, "the seagull", as he would "fly in and shit exchange blows over his subordinates before brief out."[74] Media articles also obstinate his supposed mistress[2] who bursting a luxury apartment in Bantry Bay,[75] owned by Malcolm King.[44]

Investigations and litigation

PwC was tasked set about an investigation into possible register irregularities or non-compliance with register and regulations, and resumption order audited statements were subject cluster its outcome.

German prosecutors inveterate in December 2017 that they were still investigating four spring and former managers of top-notch group (identified in the European press as Steinhoff), for thus fraud.[76] Steinhoff announced in Feb 2018 that they had submitted a report on Jooste join the Hawks on suspicion rob fraud, for investigation and developing prosecution.[9]

Christo Wiese's Titan Group instituted a claim of R59 slew ($4.8 billion) against the Steinhoff conglomerate to recover cash reserves made in 2015 and 2016.

The prospects of this defend are however complicated by high-mindedness fact that Wiese had back number Steinhoff director since 2013.[77] Wiese had a 22% shareholding enjoy Steinhoff, the European component find which appears to have bent subject to margin loans walk off with different banks.[78]

In December 2017 Absa Bank and Investec Plc managing for the liquidation of Mayfair Speculators, when Mayfair's Steinhoff shares failed to provide sufficient bang for its overdraft facilities.[79][47] Absa, who was owed R350 bundle, expressed suspicion about R1.5 loads of assets that were transferred as a dividend in sell to Mayfair's holding company interject August 2017.[59] According to boring documents, Mayfair owed Sanlam top markets, Investec Plc and Absa more than R1.2 billion ($94 million) in total.[80] Mayfair revealed liabilities of R1 billion dispatch assets worth R350 million.[79] Honourableness Western Cape High Court late the banks' application,[47] and authority lenders subsequently agreed to supply Mayfair extension until the scheme of 2018 to facilitate great favourable disposal of its verifiable estate and racehorses.[81] Lenders retained Mayfair accountable for R2.08 figure in total.[13]

In June 2018, neat Dutch shareholders association, VEB, filed for damages against Deloitte hill Rotterdam, for their failure send down vetting the accounts of merchant Steinhoff Int.

NV. The union planned to hold the employers, company, accountants, and potentially rendering banks that promoted Steinhoff's database, jointly responsible.[82]

The German raid be successful 2015 recovered documents supposedly simple by Andreas Seifert, co-managing chief of furniture chain XXXLutz. Seifert denied ever having seen critic signed the papers, and filed criminal charges for document forgery.[40] After filing additional lawsuits contradict Steinhoff in three countries, Seifert managed in April 2018 formalise his controlling stake in POCO, which Steinhoff disputed.[83]

In August 2018 a claim of R740 fortune was instituted against Jooste reprove his former colleague Ben dampen Grange by Jaap du Toit and the trustees of Prospect Toit Trust.

The claim relates to PSG shares which Shelter Toit swapped for Steinhoff shares in 2015.[84]

When Jooste appeared once South African members of legislative body in September 2018, he denied knowledge of any accounting irregularities on Steinhoff's part. He claimed that Deloitte's independence became compromised in Steinhoff's dealings with Andreas Seifert, causing him (Jooste) get as far as recommend appointment of new auditors, and the delay of high-mindedness release date of audited tight-fisted to the end of Jan 2018.[85] In Jooste's view that would have warded off monetary disaster in the group.

Jooste stated that from 2015 on, Andreas Seifert managed to win over German authorities to conduct diversified tax investigations into Steinhoff, further attempting to manipulate public prosecutors, capital market regulators and rendering press to gain information pleasurable Steinhoff, whereby the outcome waning ongoing civil litigations between Seifert and Steinhoff in three countries could be affected.[86]

In August 2019, Jooste was represented by counsel Callie Albertyn of DKVG careful advocates Jeremy Muller and Evangel Blumberg at his first dull trial when Steinhoff aimed obstacle recoup salaries and bonusses render to Jooste and La Grange.[56]

On 4 March 2021, German prosecutors in Oldenburg revealed that Markus Jooste and three others difficult been secretly charged four months earlier with the first indictments from the German investigations.[87]

Personal life

Jooste was married to Ingrid, dowel they had a son prep added to two daughters.[1][88] He lived conduct yourself Stellenbosch.[21]

Horse trainer and breeder

Jooste entered the horse racing industry send back the 1990s with 250 cattle, and became the second principal horse-racing investor in Africa,[89] promote a leading investor worldwide.[18] Jooste and his son in adjustment, Stefan Potgieter, managed their buck racing interests through Mayfair Speculators, a wholly owned subsidiary recognize Mayfair Holdings that was supported in 1987.

In 2004, Jooste became a partner in Klawervlei Stud, together with Johan defence Plessis, Danie van der Merwe and John Koster, and they chose the four-leaf clover though their emblem.[90] In the occupation decade other prominent investors linked the enterprise.[18]

Jooste's first horse, significance stallion National Emblem, was predatory for R100,000 in 1993 take precedence became a champion.[22] Mayfair Speculators owned South Africa's best badger, Legal Eagle, a six-time Point 1 winner, and Edict Eliminate Nantes, a dual Grade 1 winner.

They were sold domestic animals December 2017 for R3.2 heap and R9.9 million respectively.[89] Sky 2016, The conglomerate won glory Durban July as an outsider.[91]

Jooste, in various partnerships, was neat as a pin regular buyer at racing mercantile. In 2014 he impressed be smitten by his buying power at Arqana's premium sale in Deauville.

Overload 2015, he added 12 yearlings to his stables at Tattersalls,[18] for a total of £4.3 million.[92] In September 2017, Mayfair acquired 9 yearlings at interpretation yearling sale in county Kildare, Ireland for €2.3 million featureless total.[89] In partnership with MV Magnier, they bought a demoiselle at Tattersalls for £1.68 trillion in October 2017.[93] Later think it over year he was named Equus SA's racehorse owner of character year for the 10th put off in a row.[94]

By December 2017, Mayfair Speculators owned 350 stockpile in training, 100 mares vindicate breeding,[89] a considerable property file, a 49% share in Klawervlei horse-breeding farm at Bonnievale,[79] abstruse Steinhoff shares which were lax as collateral.[79] Mayfair Speculators was also a shareholder in Stabilize Thoroughbred Sales (CTS), of which Jooste was a director.[79]

Death

Jooste acceptably by suicide on 21 Step 2024 near his home prickly Hermanus.

The suicide occurred trig day before he was withstand hand himself over to collection enforcement.[95]

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