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

If you are Mr. Wiese and some guy wipes out 85% of you life long earnings and achiements, why have you not spearheaded the recovery (legal) process?

Same can be said of the PIC who was also a massive loser as an investor in Steinhoff.

What does Jooste have on Wiese and PIC should be the question?

Did the auditors of Mayfair Speculators (BOTHA DAVID PETRUS, who resigned on 2020-11-17 according to CIPC) not pick up that there was no exchange control approvals for the transactions that the SA Reserve Bank is challenging? The auditor had a duty to report these questionable transactions as a Reportable Irregularity (on suspicion, even prior to investigating or alerting management or the board of directors of MS) to the Independent Regulatory Board of Auditors within 30 days.

The auditor has plenty to answer for and so do the directors of MS.

Any financial institution is not allowed to invest more than 5% of its own funds into a JSE Co and not more than 5% of that co’s market capitalisation. PIC’s would have been stung but without the blood. (Well, that’s how it used to be, assuming it’s still the same today).


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@ Mac,

From my limited knowledge, you can buy up to 4.99% of a company on the JSE without asking for permission or forgiveness. Once you go 5% and over and for every 5% increment thereafter, you need the approval of the Takeover Regulation Panel up to acquiring 34.99%. Once one intends to go over 35%, one is obliged to make a mandatory offer to the remaining 65% shareholders. You would need to have proof of the moola before you breach the 35% threshold.

Bob Brogan wrote:

Muhtiman wrote:

.....and what is odd is why the Mayfair business was not more thoroughly investigated while they were still in the process of winding it up.....to see where their revenue was coming from.....:huh:

And the stud that i can't be ersed spelling

....would like to know if they were really making the big money or if Jooste was hamster wheeling there too.....and by using his equally inflated monopoly money and try to get high on his own supply.... also let us not forget how the likes of the phantom of Magnier was bidding at certain CTS events on parcels of non UK bred imports that landed up back at that stud farm.....and sadly the actual foreign buyers only started buying from there and only really put their hands up when he was already in the dwang.....:oops:

.....actually better that we dont mention names....as there are still good people there and this Jooste matter just opens wounds for some.....however some others that are very flush and doing pretty well.... and wonder why they dont have an emblem just under their brand....."made all of this on Jooste's dime"......:S

Saint T wrote:

If you are Mr. Wiese and some guy wipes out 85% of you life long earnings and achiements, why have you not spearheaded the recovery (legal) process?

Same can be said of the PIC who was also a massive loser as an investor in Steinhoff.

What does Jooste have on Wiese and PIC should be the question?

Did the auditors of Mayfair Speculators (BOTHA DAVID PETRUS, who resigned on 2020-11-17 according to CIPC) not pick up that there was no exchange control approvals for the transactions that the SA Reserve Bank is challenging? The auditor had a duty to report these questionable transactions as a Reportable Irregularity (on suspicion, even prior to investigating or alerting management or the board of directors of MS) to the Independent Regulatory Board of Auditors within 30 days.

The auditor has plenty to answer for and so do the directors of MS.

What is expected of auditors and what they actually do are sometimes poles apart...won't be the first time the auditors did what the client told them to do in return for the fee...for every one auditor prepared to do the right thing and report irregularities or qualify audit report, there are likely one of two others poreapred to turn a blind eye...and how many unqualified audit reports have lend to financial institutions lending / investing money that has been lost?

The PIC is a slightly different kettle of fish...they invest in certain projects and companies with some money (fee) being re-routed back to the decision makers and likely ending up with the ANC...do some reading on Takatso consortium trying to get stake in SAA and where their funding is coming from and the luminaries involved...elections cost money and lots of it needed for elective conference bribes...
Almost all government (taxpayer) spending are schemes whereby preferred "supplier" is pre-determined and they are required to "donate" money off the top to the ANC and the result is that too little funds are left to complete projects...

Former Steinhoff International Holdings NV Chief Executive Officer Markus Jooste is among four people who will go on trial in Germany next year on charges of accounting fraud.

No date has been set for the start of Jooste’s proceedings, according to a statement Thursday by the Oldenburg regional court, which didn’t identify any of the people. The case against two former Steinhoff executives, who worked in Germany, is set to begin on May 3, it said.

It’s the first time Jooste is set to go on trial. He’s alleged to be the architect of the accounting scandal that engulfed retailer Steinhoff in late 2017, though he’s denied the allegations.

The company has been battling to survive for almost five years since auditors refused to sign off on its accounts, leading to Jooste resigning, a dramatic share-price collapse and the start of police and regulatory investigations in both Europe and South Africa.

While German authorities haven’t yet officially identified any of the accused, a person familiar with the investigation previously said Jooste was among four people charged in Germany for accounting crimes. Thursday’s statement referred to the 61-year-old CEO of Steinhoff International Holdings, who held that position until the end of 2017.

Jooste didn’t immediately respond to a message sent outside of office hours to a mobile phone number he was most recently known to use. News24 reported the details of the trial earlier on Thursday.

Jooste, two former Steinhoff executives and a fourth accused were charged last year with balance-sheet fraud carried out between July 2011 and January 2015. The case was subsequently split in two to avoid delays due to the coronavirus pandemic

As a litany of inflated profit and asset values emerged, the company has been forced to sell off a range of global retail assets to raise funds. It agreed earlier this year to start paying out 1.4 billion euros ($1.46 billion) to investors who lost money.

The charges allege that fake proceeds from bogus transactions were booked at some of the group’s units. The deals made it seem that assets were sold to third parties, while they were in fact acquired by other companies close to the group, according to investigators.

Artificial transactions were allegedly used to manipulate balance sheets by more than 1.5 billion euros. Additionally, the value of real-estate assets was inflated by 820 million euros, prosecutors have said.

While the charges cover a period from July 2011 to January 2015, a court threw out one count dating back to July 2011, saying it is barred by a statute of limitation.

The two German former employees include managing directors of Steinhoff Group companies and are listed as 63 and 51 years old. The fourth person is described as a 72-year-old trustee of a company in the British Virgin Islands and is said to have been guilty of aiding and abetting incorrect presentation in balance sheets in four cases.

so markus has not appeared today. apparently passport issues are the problem

and the original six charges are now down to two