Re:Good news Jooste loses some of his toys!!

  • Sylvester
  • Sylvester's Avatar Topic Author
  • Platinum Member
  • Platinum Member
  • Posts: 12982
  • Thanks: 1125

Good news Jooste loses some of his toys!!

1 year 9 months ago
#852583
Ex-Steinhoff CEO Markus Jooste’s asset billions attached by SA Reserve Bank

Billions of rands in assets linked to Markus Jooste – including his house in Voëlklip, Hermanus; the Stellenbosch wine farm Lanzerac; as well as assets held by the Silveroak Trust – were attached by the South African Reserve Bank (SARB) on Tuesday afternoon.

Scorpio can confirm an SARB team arrived at Lanzerac just after 15:00 on 18 October.

This follows the Western Cape High Court granting the SARB an ex parte application last week to attach all assets linked to Markus Jooste.

Jooste’s son Michael, Gary Harlow and Rian du Plessis, as the trustees of the Jooste family trust, Silveroak, are the first, second and third respondents.

Jooste and his wife Ingrid are respondents four and five. Lanzerac Estate Investments, the Registrar of Deeds in Cape Town and Petrus Albertus Venter are respondents six, seven and eight.

Jooste and the other respondents are suspected of having contravened exchange control regulations, according to the preservation order documents.

The assets attached include about R1.4-billion worth of art; financial assets and loans receivable held by Silveroak Trust; Jooste’s property in Voëlklip, Hermanus; as well as Lanzerac wine farm in Stellenbosch.

The SARB argues that five cars registered to Ingrid Jooste and Petrus Albertus Venter are ultimately linked to Jooste. The cars, along with personal belongings linked to Jooste, including about R800.000 in art, jewellery and firearms, were attached under the preservation order.

In a separate application brought before the Western Cape High Court and executed last year, SARB investigators blocked the assets and bank accounts of Berdine Odendaal, who is said to have been in a romantic partnership with Jooste. This includes 11 pieces of land at Val de Vie, Paarl.

The attachment order includes all digital and hard copy documents.

This development follows Jooste’s role in perhaps the largest corporate scandal in South African history.

Indications of alleged financial misconduct at the Steinhof group first surfaced in December 2017.

This promptly saw the company’s share price on the Johannesburg Stock Exchange (JSE) take a cataclysmic 95% dip in value.

In the process, investors — ranging from small retail investors to major shareholders like the Government Employees’ Pension Fund (GEPF) and billionaire businessman Christo Wiese — collectively lost more than R200-billion.

A forensic investigation by auditing firm PwC later determined that the alleged accounting fraud and other improprieties at Steinhoff had occurred over several years, between 2009 and 2017.

Read on Daily Maverick: ‘Steinheist’ – Scrutinising and dramatising South Africa’s biggest corporate scam

A key finding by PwC revealed that the value of Steinhoff’s profits and assets had been artificially inflated by means of “fictitious and/or irregular transactions”, according to a summary of the forensic report.

The value of these allegedly fraudulent activities exceeded R100-billion, PwC had established.

Please Log in or Create an account to join the conversation.

  • Mac
  • Mac's Avatar
  • Platinum Member
  • Platinum Member
  • Posts: 12011
  • Thanks: 939

Re: Re:Good news Jooste loses some of his toys!!

1 year 9 months ago
#852592
… and Rian du Plessis, as a trustee of the Jooste family trust, Silveroak …


Sent from my Ferrari using Tapatalk

Please Log in or Create an account to join the conversation.

  • Muhtiman
  • Muhtiman's Avatar
  • Platinum Member
  • Platinum Member
  • Posts: 8430
  • Thanks: 897

Re: Re:Good news Jooste loses some of his toys!!

1 year 9 months ago
#852596
......let's see if he has been clever enough to have hidden some of it that cannot be proven to have been solely proceeds of the alleged fraud(he has not been found guilty in a court yet) and as the attachment is for suspect ownership, it too has to be proven.....however if he does not contest attachment.....he may have much more that is better hidden....:unsure: .

Please Log in or Create an account to join the conversation.

  • jim
  • jim's Avatar
  • Premium Member
  • Premium Member
  • Posts: 317
  • Thanks: 66

Re: Re:Good news Jooste loses some of his toys!!

1 year 9 months ago
#852644
the ownership of lanzerac is interesting. if they have unlocked the bvi smokescreen to establish beneficial ownership then he could have a real problem. a few trommels full of krugerrands buried somewhere might be his only option

Please Log in or Create an account to join the conversation.

  • Muhtiman
  • Muhtiman's Avatar
  • Platinum Member
  • Platinum Member
  • Posts: 8430
  • Thanks: 897

Re: Re:Good news Jooste loses some of his toys!!

1 year 9 months ago
#852648
.....saw a recent interview with Cristo Wiese who recons that Jooste will now have to live in a tent.....:lol:

.....however attachment of property does not mean that you are promptly evicted....as I once was house sitting for an oke that was living large in Kyber Rock....they had attachment notices plastered all over the place.... but he was still able to occupy the rather plush residence until the pending legal proceedings had found him guilty....:oops:

.....I believe that SARB may be involved with this matter as they do not have to prove any fraud which may be much harder and take longer .....but only need evidence for contravention of capital flow out of the country which is much easier to find.

What is interesting is the seizure of the blonde polo playing alleged mistress's 10XZAR3.3BAR properties in an upmarket Cape estate... as initially she had claimed that she had earned money abroad....here again may be a money trail of offshore funds being round tripped and falling foul of foreign exchange control regulations ....:unsure:

Please Log in or Create an account to join the conversation.

  • jim
  • jim's Avatar
  • Premium Member
  • Premium Member
  • Posts: 317
  • Thanks: 66

Re: Re:Good news Jooste loses some of his toys!!

1 year 9 months ago
#852656
the bimbo must be pissed. big eish

Please Log in or Create an account to join the conversation.

  • naresh
  • naresh's Avatar
  • Platinum Member
  • Platinum Member
  • Posts: 6357
  • Thanks: 1483

Re: Re:Good news Jooste loses some of his toys!!

1 year 9 months ago
#852663
Braam Van Huyssteen in the news....

www.news24.com/fin24/companies/markus-jo...bond-whammy-20221020

 ECONOMY MARKETS OPINION INVESTING PERSONAL FINANCE ENTREPRENEUR TECHNOLOGY CLIMATE FUTURE BUSINESS INSIDER

Markus Jooste's mysterious R75 million Hermanus bond whammy

7h ago

Jan Cronje with Mariette Strydom

0:00

SUBSCRIBERS CAN LISTEN TO THIS ARTICLE

Markus Jooste

Brenton Geach/Gallo Images/Getty Images

The company that owns Markus Jooste's Hermanus mansion took out a R75 million mortgage with a trust in the name of one of the founders of Tekkie Town last year. The mansion was among the Jooste-linked assets attached by the SA Reserve Bank this week. While the bank refers to the Hermanus property as the "Jooste premises", there was no sign of the former Steinhoff CEO in the seaside town on Wednesday.For more financial news, go to the News24 Business front page.

The company that owns the seaside mansion in Hermanus where former Steinhoff CEO Markus Jooste has been living, unexpectedly secured a R75-million bond with a trust in the name of Tekkie Town founder Braam van Huyssteen in December 2021, documents show. 

Jooste has been living at the property - which spans two plots near the beach in Hermanus, with a combined market value of R81 million - on and off for the past few years. 

The property is not registered in Jooste's name, but in that of a company called ERF 2825 Hermanus (Pty) Ltd, which lists his friend, Rian du Plessis, as a director. 

Jooste and Du Plessis, trustee of the Jooste family trust, were both named in an SA Reserve Bank application this week to attach around R1.5 billion in assets linked to the former Steinhoff boss for contravening exchange control laws. 

While Jooste's name has long been synonymous with the Hermanus property, the fact that it owes a trust linked to Van Huyssteen R75 million is rather unexpected. 

This is because Van Huyssteen and other founders of shoe retailer Tekkie Town launched numerous court bids against Steinhoff to get their company back, claiming they had been "duped" and "fraudulently induced" by Jooste into selling. 

Fighting Steinhoff 

Van Huyssteen and other Tekkie Town founders sold their company to Steinhoff in 2016 for R3.2 billion in shares. At the time, Jooste was the group's CEO. But the value of their shares plunged in late 2017 when Jooste stepped down at the first signs of a fraud crisis. 

In 2021, Van Huyssteen and colleagues even launched a bid to liquidate the retailer. The two sides eventually settled after Steinhoff upped its payout offer, which opened the way for it to continue with its R25-billion settlement with creditors and shareholders.   

But even as Van Huyssteen was considering court action against Steinhoff, he appears to have remained on friendly terms with Jooste. He bought dual horse of the year Legal Eagle from Jooste's Mayfair Speculators in December 2017, shortly after Jooste resigned. In mid-2018, he said he still saw Jooste from time to time, and didn't view him as a crook. 

Bond documents show that, in December 2021, the company that owns the Hermanus mansion and the Braam Van Huyssteen Trust entered into a mortgage bond agreement. According to the terms of the agreement, ERF 2825 Hermanus (Pty) Ltd owes the trust R75.47 million, plus another R18 million "arising from all present and future obligations and indebtedness".

OMPANIES ECONOMY MARKETS OPINION INVESTING PERSONAL FINANCE ENTREPRENEUR TECHNOLOGY CLIMATE FUTURE BUSINESS INSIDER

Markus Jooste's mysterious R75 million Hermanus bond whammy

7h ago

Jan Cronje with Mariette Strydom

0:00

SUBSCRIBERS CAN LISTEN TO THIS ARTICLE

Markus Jooste

Brenton Geach/Gallo Images/Getty Images

The company that owns Markus Jooste's Hermanus mansion took out a R75 million mortgage with a trust in the name of one of the founders of Tekkie Town last year. The mansion was among the Jooste-linked assets attached by the SA Reserve Bank this week. While the bank refers to the Hermanus property as the "Jooste premises", there was no sign of the former Steinhoff CEO in the seaside town on Wednesday.For more financial news, go to the News24 Business front page.

The company that owns the seaside mansion in Hermanus where former Steinhoff CEO Markus Jooste has been living, unexpectedly secured a R75-million bond with a trust in the name of Tekkie Town founder Braam van Huyssteen in December 2021, documents show. 

Jooste has been living at the property - which spans two plots near the beach in Hermanus, with a combined market value of R81 million - on and off for the past few years. 

The property is not registered in Jooste's name, but in that of a company called ERF 2825 Hermanus (Pty) Ltd, which lists his friend, Rian du Plessis, as a director. 

Jooste and Du Plessis, trustee of the Jooste family trust, were both named in an SA Reserve Bank application this week to attach around R1.5 billion in assets linked to the former Steinhoff boss for contravening exchange control laws. 

While Jooste's name has long been synonymous with the Hermanus property, the fact that it owes a trust linked to Van Huyssteen R75 million is rather unexpected. 

This is because Van Huyssteen and other founders of shoe retailer Tekkie Town launched numerous court bids against Steinhoff to get their company back, claiming they had been "duped" and "fraudulently induced" by Jooste into selling. 

Fighting Steinhoff 

Van Huyssteen and other Tekkie Town founders sold their company to Steinhoff in 2016 for R3.2 billion in shares. At the time, Jooste was the group's CEO. But the value of their shares plunged in late 2017 when Jooste stepped down at the first signs of a fraud crisis. 

In 2021, Van Huyssteen and colleagues even launched a bid to liquidate the retailer. The two sides eventually settled after Steinhoff upped its payout offer, which opened the way for it to continue with its R25-billion settlement with creditors and shareholders.   

But even as Van Huyssteen was considering court action against Steinhoff, he appears to have remained on friendly terms with Jooste. He bought dual horse of the year Legal Eagle from Jooste's Mayfair Speculators in December 2017, shortly after Jooste resigned. In mid-2018, he said he still saw Jooste from time to time, and didn't view him as a crook. 

Bond documents show that, in December 2021, the company that owns the Hermanus mansion and the Braam Van Huyssteen Trust entered into a mortgage bond agreement. According to the terms of the agreement, ERF 2825 Hermanus (Pty) Ltd owes the trust R75.47 million, plus another R18 million "arising from all present and future obligations and indebtedness".

Markus Jooste's home in Hermanus.

Gallo Images/Rapport/Edrea du Toit

The figure of R75 million is roughly the market value of the two erven that make up the Hermanus plot. Surety has been provided by the Hermanus mansion, plus another nearby property. 

Having a bond means that the Van Huyssteen Trust will be well placed to get something out if Jooste's estate is liquidated. Mortgage bondholders are generally viewed as secured creditors under SA law, meaning they are among the first to be paid if an estate is wound up.

News24 could not reach Van Huyssteen for comment on Wednesday. Jooste's lawyer did not respond to a request for comment earlier in the week

'He wants to have his day in court'

In an interview with Bruce Whitfield of The Money Show, Du Plessis said he believes Jooste is "as frustrated as we all are”".

"I think he also wants to have his day in court."

Du Plessis said his friend approached him to become a trustee of the family trust after he resigned from Steinhoff.

"The way I see it (is) if my brother committed a crime, I would not condone what he has done, but if he needs my help to look after his family I would do so.

"And I have that kind of relationship with Markus. I don’t condone whatever he has done, in fact I have no clue what he has done. I have read in the press all the allegations, some of which are very, very severe and I too would like these things to come to a head and brought to a conclusion.

Sign in Subscribe

 

Add location

< NEWS24 TOP NEWS COMPANIES ECONOMY MARKETS OPINION INVESTING PERSONAL FINANCE ENTREPRENEUR TECHNOLOGY CLIMATE FUTURE BUSINESS INSIDER

Markus Jooste's mysterious R75 million Hermanus bond whammy

7h ago

Jan Cronje with Mariette Strydom

0:00

SUBSCRIBERS CAN LISTEN TO THIS ARTICLE

Markus Jooste

Brenton Geach/Gallo Images/Getty Images

The company that owns Markus Jooste's Hermanus mansion took out a R75 million mortgage with a trust in the name of one of the founders of Tekkie Town last year. The mansion was among the Jooste-linked assets attached by the SA Reserve Bank this week. While the bank refers to the Hermanus property as the "Jooste premises", there was no sign of the former Steinhoff CEO in the seaside town on Wednesday.For more financial news, go to the News24 Business front page.

The company that owns the seaside mansion in Hermanus where former Steinhoff CEO Markus Jooste has been living, unexpectedly secured a R75-million bond with a trust in the name of Tekkie Town founder Braam van Huyssteen in December 2021, documents show. 

Jooste has been living at the property - which spans two plots near the beach in Hermanus, with a combined market value of R81 million - on and off for the past few years. 

The property is not registered in Jooste's name, but in that of a company called ERF 2825 Hermanus (Pty) Ltd, which lists his friend, Rian du Plessis, as a director. 

Jooste and Du Plessis, trustee of the Jooste family trust, were both named in an SA Reserve Bank application this week to attach around R1.5 billion in assets linked to the former Steinhoff boss for contravening exchange control laws. 

While Jooste's name has long been synonymous with the Hermanus property, the fact that it owes a trust linked to Van Huyssteen R75 million is rather unexpected. 

This is because Van Huyssteen and other founders of shoe retailer Tekkie Town launched numerous court bids against Steinhoff to get their company back, claiming they had been "duped" and "fraudulently induced" by Jooste into selling. 

Fighting Steinhoff 

Van Huyssteen and other Tekkie Town founders sold their company to Steinhoff in 2016 for R3.2 billion in shares. At the time, Jooste was the group's CEO. But the value of their shares plunged in late 2017 when Jooste stepped down at the first signs of a fraud crisis. 

In 2021, Van Huyssteen and colleagues even launched a bid to liquidate the retailer. The two sides eventually settled after Steinhoff upped its payout offer, which opened the way for it to continue with its R25-billion settlement with creditors and shareholders.   

But even as Van Huyssteen was considering court action against Steinhoff, he appears to have remained on friendly terms with Jooste. He bought dual horse of the year Legal Eagle from Jooste's Mayfair Speculators in December 2017, shortly after Jooste resigned. In mid-2018, he said he still saw Jooste from time to time, and didn't view him as a crook. 

Bond documents show that, in December 2021, the company that owns the Hermanus mansion and the Braam Van Huyssteen Trust entered into a mortgage bond agreement. According to the terms of the agreement, ERF 2825 Hermanus (Pty) Ltd owes the trust R75.47 million, plus another R18 million "arising from all present and future obligations and indebtedness".

Markus Jooste's home in Hermanus.

Gallo Images/Rapport/Edrea du Toit

The figure of R75 million is roughly the market value of the two erven that make up the Hermanus plot. Surety has been provided by the Hermanus mansion, plus another nearby property. 

Having a bond means that the Van Huyssteen Trust will be well placed to get something out if Jooste's estate is liquidated. Mortgage bondholders are generally viewed as secured creditors under SA law, meaning they are among the first to be paid if an estate is wound up.

News24 could not reach Van Huyssteen for comment on Wednesday. Jooste's lawyer did not respond to a request for comment earlier in the week

'He wants to have his day in court'

In an interview with Bruce Whitfield of The Money Show, Du Plessis said he believes Jooste is "as frustrated as we all are”".

"I think he also wants to have his day in court."

Du Plessis said his friend approached him to become a trustee of the family trust after he resigned from Steinhoff.

"The way I see it (is) if my brother committed a crime, I would not condone what he has done, but if he needs my help to look after his family I would do so.

"And I have that kind of relationship with Markus. I don’t condone whatever he has done, in fact I have no clue what he has done. I have read in the press all the allegations, some of which are very, very severe and I too would like these things to come to a head and brought to a conclusion.

"I said to Markus if you are going to run away off into Argentina or some jurisdiction where nobody can get hold of you, then I’m afraid I’m not your man. If you are prepared to answer in the appropriate forum for what you have done and that you commit to me that that’s what you’re going to do, then I am your man, I will look after your family."

Du Plessis was CEO of the racing operator Phumelela Gaming and Leisure for a decade until 2018. Jooste was a key figure in the local horse racing industry, and also partly owned the biggest horse breeding farm in the country, Klawervlei Stud. 

"My information from Markus personally is that his advisors have advised him not to speak to the press, but to receive each of the allegations and to answer them at the appropriate time in the appropriate forum. I think he’s as frustrated as we all are," Du Plessis told Whitfield.

Escaping the drama 

Meanwhile, many of the residents approached for comment in the picturesque town of Hermanus appeared oblivious to the drama involving Jooste. There was no trace of the former CEO in the seaside town on Wednesday, with locals going about their daily business in the usual fashion. A visit by News24 to what the Reserve Bank referred to as the "Jooste premises" yielded no results.

Locals News24 spoke to gave mixed feedback, with some saying they believed they had previously seen Jooste at a nearby construction site, the ownership of which is not confirmed. Others said they believed they had seen his wife in town, but not him. A resident who did not want to be named said locals have more significant concerns to deal with than to spend their time thinking about Jooste.

"We've seen him drive around in his luxury car, but to us, it does not matter if he stays here or not," the resident said. Others agreed, saying people in Hermanus lived there specifically to escape drama.

"Locals are far more concerned about the cliff path along the beachfront that has been stalled; the whales frolicking in the bay; and the protection of plant and animal species in the town."

"Hermanus voel vere vir hom" [Hermanus feels nothing for him], another local added.

Please Log in or Create an account to join the conversation.

  • Muhtiman
  • Muhtiman's Avatar
  • Platinum Member
  • Platinum Member
  • Posts: 8430
  • Thanks: 897

Re: Re:Good news Jooste loses some of his toys!!

1 year 9 months ago
#852672
....:ohmy:....this just gets far too complicated for even one that understands the intricacies of this web of alleged underhanded deals....so will wait to see what transpires as the mainstream press could also be grasping at hearsay and not facts.....I have not yet seen Bizweb's interview with Du Plessis but was watching Alex Hogg interviewing Gary Harlow before ESKOM intervened at 12 o' clock....:S

.....There seems to be very little assets outside that of Lanzerac....ie the family trust is worth no where near the numbers that the media is throwing around....and now that the Hermanus property is said to be bonded ... even less in the trust....but what will come out of the charges that SARB will still need to prove in a legal challenge....:whistle:

Please Log in or Create an account to join the conversation.

  • fingers
  • fingers's Avatar
  • Elite Member
  • Elite Member
  • Posts: 1458
  • Thanks: 206

Re: Re:Good news Jooste loses some of his toys!!

1 year 9 months ago
#852680
the bimbo must be pissed. big eish

ok, nobody likes markus - but why is she a bimbo? FFS

Please Log in or Create an account to join the conversation.

  • Muhtiman
  • Muhtiman's Avatar
  • Platinum Member
  • Platinum Member
  • Posts: 8430
  • Thanks: 897

Re: Re:Good news Jooste loses some of his toys!!

1 year 9 months ago - 1 year 9 months ago
#852687
....still seems that he had a few that did not fault him.... reading between the lines ....but by this bonded property revelation has now halved his support....as how did this happen without the family trust trustees not being aware....:huh:
Last edit: 1 year 9 months ago by Muhtiman. Reason: however

Please Log in or Create an account to join the conversation.

  • Muhtiman
  • Muhtiman's Avatar
  • Platinum Member
  • Platinum Member
  • Posts: 8430
  • Thanks: 897

Re: Re:Good news Jooste loses some of his toys!!

1 year 9 months ago
#852737
.....just caught Rian Du Plessis on Biznews interviewed by Alec Hogg and has only now been posted on Youtube.... and according to Duppie Jooste family has not been deprived of any assets movable and/or immovable...the SARB order was granted over 10 days ago and the "raids" was merely an exercise to get an inventory of assets and they were not removed as reported....so cars, jewelry, furniture, artwork and anything of value have been listed and only be attached should an investigation lead to a successful prosecution....what has been obtained prior to the raids are copied data from devices like phones and computers in order for a pending investigation...what is strange is that there has been no audit on the trust in 2+ years...a time when it has been reported that a bond was raised on the Hermanus property and according to Duppie, Marcus was removed from the trust and therefore could not make any disbursements or move any of the assets from the trust.....:S

.....I wonder if we will soon see Mr van Hyssteen on Biznews for his explanation as it would seem that erroneously all thought that the property was in the trust but was in a separate entity where Duppie is named as a director ....:ohmy:

.....wonder if the Jooste's paid any rent there.....:dry:

..

Please Log in or Create an account to join the conversation.

  • Muhtiman
  • Muhtiman's Avatar
  • Platinum Member
  • Platinum Member
  • Posts: 8430
  • Thanks: 897

Re: Re:Good news Jooste loses some of his toys!!

1 year 9 months ago
#853066
.....and Tekkie Town explains....:whistle:

Please Log in or Create an account to join the conversation.

Time to create page: 0.430 seconds