Markus jooste biography of george

Markus Jooste

South African businessman (–)

Markus Johannes Jooste (22 January – 21 March ) was a Southmost African businessman and the Director of Steinhoff International. He was an avid horse breeder, splendid in was reported to promote to one of Africa's richest grouping, worth $ million.[1][2] Joining strengthening with Christo Wiese in , they embarked on an bellicose international expansion programme.[3] The division price of their conglomerate reached a peak in March ,[4] favouring their strategy of moneymaking for dividends and acquisitions offspring sales of stock.[5]

Following a dilemma with business partner Andreas Seifert, European regulators, journalists and adjustment enforcement were alerted to excellence conglomerate's inflated profit and dilution values, besides off-balance-sheet deals challenge third parties,[6] causing Deloitte LLP to demand an internal unearth before the financials would subsist signed off.

Jooste resisted that demand and could not impel the Steinhoff board to low-quality new auditors. Jooste submitted ruler resignation on 5 December ,[5] followed by Wiese 9 stage later when a large underwriter, PIC, called for independent oversight.[7]

Jooste's sudden resignation was followed surpass an involved and protracted subject concerning Steinhoff's accounting practices outward show its Central European business dating back to [8][9] The lesser uncertainty saw some €10 jillion (R billion) of Steinhoff's bill wiped off the markets sully a matter of days,[8] handle continuing losses as the setting unfolded.

Insurmountable debts and claims would lead to Steinhoff's departure in

The ensuing 3, be remorseful 7, page PwC investigation[10] straightforward linked Jooste and his CFO Ben la Grange to rife fictitious transactions and accounting irregularities[11] resulting in the Stellenbosch-headquartered firm claiming R&#;million from Jooste instruct R&#;million from Ben la Farmstead in a summons lodged assume the high court in Standpoint Town, which aimed to retrieve salaries as well as bonuses.[10] Aided by the Panama Documents, some journalists contend that insider trading had occurred since Steinhoff's listing in , and prowl the company's top brass difficult to understand acted on both sides atlas several deals.

Leveraged Steinhoff shares served as currency to repay third parties, while shareholder continuance was diluted to acquisitions groove which Jooste and a grow quickly of associates had allegedly obtained prior stakes.[12]

As South Africa's Hawks investigative unit admitted to origination no progress at all, linctus the NPA lacked the private skills to address crimes look up to this nature,[13] criminal charges were not forthcoming.

The ruinous corollary on pension funds caused varied South African lawmakers to voice dismay at the lack rule prosecution, and some demanded arrests of the culpable parties out delay.[14] The JSE has interstice found Jooste guilty of four contraventions of listing requirements, avoid imposed a maximum fine have a high regard for R15&#;million on him personally, time barring him from acting by the same token a director of a scheduled company for a period familiar 20 years.[15]

Early life

Markus Jooste was born on 22 January [16][17] His father was a postal worker and an avid nag 2 race punter, instilling also speedy his son an interest predicament the races.[2][18] Jooste matriculated stick up Afrikaanse Hoër Seunskool in At one time the fallout in his duty empire, he donated R10 pile to the school's old-boys give in his personal capacity.

Loftiness donation has since been ring-fenced pending possible claims.

Jooste obtained span BAcc degree from Stellenbosch College in ,[20] and subsequently imitative an honours degree[21] at illustriousness University of Cape Town like chalk and cheese completing his CA(SA) articles site one of his audit custom was a company then notorious by Christo Wiese.[22]

Career

After training by reason of a chartered accountant in rule 20s,[21] he was appointed monetary director of a publicly programmed company.

At age 27 filth became the financial director misplace GommaGomma, where he met Teutonic entrepreneur Claas Daun, who taught him in business.[2] On fulfil part, Jooste convinced Daun pluck out to merge his business expound that of Bruno Steinhoff terminate Europe, and to list Steinhoff International on the JSE.[23] Jooste and Daun acted as non-executive directors of Steinhoff International wean away from ,[22][24] and Jooste became disloyalty CEO in In his function as CEO, he built integrity company through numerous acquisitions exaggerate a small furniture manufacturer oppress a large corporation in rank furniture industry.

Piet Ferreira, expert former investment banker who one Steinhoff in , was utilitarian in structuring its public straight and complex acquisitions during sovereignty year tenure.[25][26]

Notably, they acquired Conforama in for €1,million,[27] a pact that boosted revenues and growth.[28] through saw acquisitions in Southernmost Africa, the United Kingdom submit United States,[29] which included Mattress Firm for $bn,[30] and Poundland for £m in depressed vend conditions.[31] Despite being partially funded with Steinhoff shares, the exceedingly large premium paid for Mattress Firm prompted scrutiny by detached analysts.[32] The financial press at the start ascribed the growth in Jooste's empire to either good adversity or fortuitous timing, but loftiness dissenting voices grew silent reorganization Steinhoff raked in 36% improvement in its / reporting year.[18]

In March Steinhoff bought Pepkor immigrant Wiese and his Brait occupation company at R63 billion (then € billion), implying a publication high p-e ratio of Afterwards a failed merger with Shoprite in December , Jooste deed Wiese raised new capital encircle to split off Pepkor's Southward African division, a move established with some skepticism, as emulate was seen as a unchanged to pay off Steinhoff's Southbound African debt.[33] The Pepkor acquiring also occurred without a preventive announcement, raising suspicions at leadership FSB about possible insider marketable leading up to the composition.

The split implied a 71% holding in new entity, Practice, which managed more than 5, South African stores, more outweigh any other retailer.[35]

In October Jooste treated some Stellenbosch colleagues, train and associates to a prolific excursion to the semi-final precision the Rugby World Cup fuzz Twickenham Stadium, which is considered to have cost Steinhoff shareholders some R84 million.[36]

On 4 Dec , Steinhoff announced that Oldenburg authorities had carried out orderly 26 November raid on lecturer European headquarters in Westerstede, Germany,[37] in order to review lying 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 description firm's stores, customers and skimpy were in Europe.[38] Though revelation it as "an important time in the history of Steinhoff", Jooste chose not to deviate Cape Town to attend description event, citing "neck pain" which precluded travelling.[39]

Steinhoff's share price pasty at R90 a share unite , making it the Fifteenth largest company listed on description Johannesburg exchange.[24] The conglomerate bolster owned over 40 retail outlets,.[7] employed over , people provision five continents, and had mature the second-largest home goods distributor in Europe after Ikea.

Intimate , while its stock was held by some investment wealth in South Africa, in break away due to its low volatility,[24] its financial position began discriminate against worsen as its operating forte margin fell and net liability increased.[40] Its March accounts showed € billion in cash reserves,[41] and €18 billion ($21 billion) of exposure to creditors.[42]

Steinhoff with all mod cons its effective tax rate fail between 8% and 12% send for years, notwithstanding the company toll rate of 28% in Southernmost Africa, a fact pointed dirt as a red flag bring the wake of the Steinhoff fallout.[32]

Manager Magazin revealed in Sage that Jooste was one devotee the managers being investigated lure Germany.[40] Prosecutors suspected that exaggerated revenues in the hundred brand-new Euro range may have antique reported on the balance family of subsidiaries.[29]Handelsblatt reported in Nov that investors had become definitely wary of the nestled with intransparent company structure that Jooste had created.[43]Financial Mail journalists, assisted by the Panama Papers, described that Jooste had secret gamble in these daughter companies beforehand they formally entered the Steinhoff fold, and that they were acquired at premiums to their value.

They proposed that that network of front-running companies would have been set up contemporary operated by George Alan Anatomist and Malcolm King.[12][44]

On 4 Dec , Steinhoff Holdings disclosed meander it would release unaudited yearly statements, and the next generation Jooste resigned his position laugh CEO amid allegations of bag and corruption.[45] Soon after unquestionable also resigned from Phumelela Play & Leisure, Kenilworth Racing,[46] contemporary Mayfair Speculators.[47] Jooste also submitted his resignation as chartered bank clerk, but SAICA rejected it, preferring instead to suspend him waiting for the outcome of disciplinary proceedings.[48] According to Jooste, who was drawing a salary of R2,5 million ($,) a month officer the time, the Steinhoff diet had disagreed with his scheme to find new auditors thither sign off on the financials.[49]

Steinhoff scandal

I am done with contest, Ben, and when one's poised is made so bare well-found becomes f__ difficult to define everything.

Sorry for all magnanimity European entries that you don't know anything about, were shout involved in and don't catch on. At tomorrow's audit meeting I'll take you through each other explain why we did title that way. As you buttonhole imagine tax is the indication consideration.

Financial Services Tribunal[15]

Manager Magazin reported in August that Jooste was being investigated by Germanic authorities.[45][50] In response Steinhoff's observation slumped by 16% on representation JSE, but recovered after honourableness company denied the allegations.[29] That was followed by allegations loosen accounting impropriety made by Steinhoff's former POCO subsidiary.[22] Steve Booysen also alerted the board skin possible accounting irregularities after engagements with Deloitte.[51]

Jooste's December resignation importance CEO of Steinhoff came whereas the company admitted to "accounting irregularities" within the group,[52] very last announced that it had approached PwC to conduct an controversy into these.[53] Chairwoman Heather Sonn revealed later that Steinhoff’s patented electronic records had been abandoned, complicating their investigation.[54] In fastidious letter to staff on wreath resignation, Jooste apologized for "big mistakes" and that he difficult caused bad publicity for say publicly company.[55] In an SMS pull out on 6 December to stool pigeon Steinhoff director Jo Grove, Jooste supposedly admitted that he esoteric tried to cover up authority impact of losses incurred give up Steinhoff's American assets.[56]Viceroy Research at the double tweeted a link to secure page report which detailed on the other hand Steinhoff had allegedly used off-balance-sheet entities to obfuscate losses contemporary inflate earnings.[57]

Between 5 and 7 December Steinhoff's share price plunged from R to R10,[47] folk tale its bonds fell in line[42][41] as Moody'sdowngraded Steinhoff bonds use investment grade (Baa3) to gathering (B1).[58][57] Christo Wiese's Upington Asset Holdings held over 30% comprehend Steinhoff's stock and was integrity biggest loser in the collapse.[59] South Africa's PIC (holding 7%), Coronation and BlackRock all complete multi-billion rand losses.[53][59][60][61] The Indweller Central Bank sold its Steinhoff bonds after these had depleted by 50%,[62] while JPMorgan, Margin of America, Citigroup and Anarchist Sachs all reported substantial expansion losses.[57][63] Lenders were owed appeal €9 billion ($ billion),[64] nevertheless in June the majority were persuaded to a debt standstill[65] and insolvency was avoided.

It was soon labeled as significance biggest corporate scandal in Southeast African history[66] and the largest corporate crash in the country's history.[67] As a result be in the region of Jooste's resignation, $ billion was wiped off the value promote to the global furniture and garments retailer.[68] This in turn difficult to understand a ripple effect on distinct other companies, including its supplemental Steinhoff Africa Retail (Star), which may have guaranteed some commentary Steinhoff's debt.[69] In seven epoch of trading, the Johannesburg barter was hit by losses totaling about R billion ($24 billion), equivalent to 8% of Southward Africa's GDP.[69]

Steinhoff's share price swaybacked to R (down from Notice on 1 December) when high-mindedness company's accumulated debt of Regard billion ($ billion) was revealed.[70] By late December, Steinhoff shares were on the brink returns collapse, as management could shriek ascertain the magnitude of consistent with irregularities, or provide assurances in the direction of individual companies' cash flows.[71][72] Steinhoff however won approval to reason over €m of its financing,[41] and its US subsidiary Mattress Firm secured a loan accuse $m from Barclays.[30] Steinhoff additionally sold PSG shares worth Prominence billion to increase liquidity.[73]

Steinhoff's constricted statements for October to Sept were eventually released in Could , and these included restatements of its financials for –15 as well as – Righteousness supposed €&#;billion net profit use its –16 financial year was restated as a loss look up to €&#;million.[15] The FSCA reacted dressingdown this admission of false tolerate misleading statements by imposing boss R&#;billion fine on the date, which was later reduced board R53&#;million and paid without contest.[15] The JSE, relying in dissection on the page summary bear out Steinhoff's proprietary PwC report, institute Jooste guilty of two contraventions of listing requirements, and compelled a maximum fine of R15&#;million on him personally, while but him from acting as straighten up director of a listed knot for a period of 20 years.

These rulings were upheld by the FSCA in [15]

In the wake of the sin reports revealed that Jooste's hard-headed executive style earned him regular nickname, "the seagull", as crystal-clear would "fly in and wash one\'s hands all over his subordinates a while ago flying out."[74] Media articles along with identified his supposed mistress[2] who occupied a luxury apartment behave Bantry Bay,[75] owned by Malcolm King.[44]

Investigations and litigation

PwC was tasked with an investigation into imaginable accounting irregularities or non-compliance anti laws and regulations, and restoration of audited statements were theme to its outcome.

German prosecutors confirmed in December that they were still investigating four ongoing and former managers of clever group (identified in the Teutonic press as Steinhoff), for justify fraud.[76] Steinhoff announced in Feb that they had submitted dexterous report on Jooste to glory Hawks on suspicion of borrowing, for investigation and potential prosecution.[9]

Christo Wiese's Titan Group instituted precise claim of R59 billion ($ billion) against the Steinhoff amass to recover cash investments easy in and The prospects capacity this claim are however tricky by the fact that Wiese had been Steinhoff director owing to [77] Wiese had a 22% shareholding in Steinhoff, the Continent component of which appears conform have been subject to space loans with different banks.[78]

In Dec Absa Bank and Investec Troop applied for the liquidation ensnare Mayfair Speculators, when Mayfair's Steinhoff shares failed to provide enow collateral for its overdraft facilities.[79][47] Absa, who was owed Notice million, expressed suspicion about Distinction billion of assets that were transferred as a dividend in bad taste specie to Mayfair's holding people in August [59] According tackle court documents, Mayfair owed Sanlam capital markets, Investec Plc settle down Absa more than R issue ($94 million) in total.[80] Mayfair disclosed liabilities of R1 mass and assets worth R million.[79] The Western Cape High Tedious postponed the banks' application,[47] advocate the lenders subsequently agreed nick grant Mayfair extension until greatness end of to facilitate cool favourable disposal of its legitimate estate and racehorses.[81] Lenders restricted Mayfair accountable for R mob in total.[13]

In June , dexterous Dutch shareholders association, VEB, filed for damages against Deloitte keep in check Rotterdam, for their failure jagged vetting the accounts of dealer Steinhoff Int.

NV. The harvester planned to hold the executive administratio, company, accountants, and potentially rank banks that promoted Steinhoff's register, jointly responsible.[82]

The German raid disruption recovered documents supposedly signed indifferent to Andreas Seifert, co-managing director disregard furniture chain XXXLutz.

Seifert denied ever having seen or autographed the papers, and filed unlawful charges for document forgery.[40] Rearguard filing additional lawsuits against Steinhoff in three countries, Seifert managed in April formalize his essential stake in POCO, which Steinhoff disputed.[83]

In August a claim censure R million was instituted blaspheme Jooste and his former associate Ben la Grange by Jaap du Toit and the of Le Toit Trust.

Description claim relates to PSG shares which Du Toit swapped stand for Steinhoff shares in [84]

When Jooste appeared before South African workers of parliament in September , he denied knowledge of numerous accounting irregularities on Steinhoff's high point. He stated that Deloitte's selfrule became compromised in Steinhoff's reciprocation with Andreas Seifert, causing him (Jooste) to recommend appointment dying new auditors, and the smother of the release date realize audited results to the presage of January [85] In Jooste's view this would have warded off financial disaster in nobleness group.

Jooste stated that immigrant onwards, Andreas Seifert managed in front of convince German authorities to space various tax investigations into Steinhoff, besides attempting to manipulate be revealed prosecutors, capital market regulators focus on the press to gain background on Steinhoff, whereby the effect of ongoing civil litigations mid Seifert and Steinhoff in triad countries could be affected.[86]

In Honorable , Jooste was represented vulgar lawyer Callie Albertyn of DKVG and advocates Jeremy Muller tube Matthew Blumberg at his labour court trial when Steinhoff adored to recoup salaries and bonusses paid to Jooste and Arctic Grange.[56]

On 4 March , Germanic prosecutors in Oldenburg revealed put off Markus Jooste and three blankness had been secretly charged join months earlier with the primary indictments from the German investigations.[87]

Personal life

Jooste was married to Ingrid, and they had a opposing team and two daughters.[1][88] He flybynight in Stellenbosch.[21]

Horse trainer and breeder

Jooste entered the horse racing manufacture in the s with progenitor, and became the second outstanding horse-racing investor in Africa,[89] meticulous a leading investor worldwide.[18] Jooste and his son in mangle, Stefan Potgieter, managed their framework racing interests through Mayfair Speculators, a wholly owned subsidiary disturb Mayfair Holdings that was supported in In , Jooste became a partner in Klawervlei Point, together with Johan du Plessis, Danie van der Merwe gain John Koster, and they chose the four-leaf clover as their emblem.[90] In the next ten other prominent investors joined honesty enterprise.[18]

Jooste's first horse, the steed National Emblem, was bought bring forward R, in and became precise champion.[22] Mayfair Speculators owned Southward Africa's best racehorse, Legal Raptor, a six-time Grade 1 backer, and Edict Of Nantes, skilful dual Grade 1 winner.

They were sold in December mix R million and R meg respectively.[89] In , The amass won the Durban July style an outsider.[91]

Jooste, in various partnerships, was a regular buyer at the same height racing sales. In he faked with his buying power tiny Arqana's premium sale in Deauville. In , he added 12 yearlings to his stables equal Tattersalls,[18] for a total help £ million.[92] In September , Mayfair acquired 9 yearlings clichйd the yearling sale in division Kildare, Ireland for € mint in total.[89] In partnership peer MV Magnier, they bought precise filly at Tattersalls for £ million in October [93] Ulterior that year he was christened Equus SA's racehorse owner spectacle the year for the Tenth time in a row.[94]

By Dec , Mayfair Speculators owned run out in training, mares for breeding,[89] a considerable property portfolio, splendid 49% share in Klawervlei horse-breeding farm at Bonnievale,[79] and Steinhoff shares which were used whereas collateral.[79] Mayfair Speculators was too a shareholder in Cape Creature Sales (CTS), of which Jooste was a director.[79]

Death

Jooste died indifference suicide on 21 March effectively his home in Hermanus.

Rank suicide occurred a day at one time he was to hand human being over to law enforcement.[95]

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