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Markus jooste biography books

Markus Jooste

South African businessman (1961–2024)

Markus Johannes Jooste (22 January 1961 – 21 March 2024) was top-notch South African businessman and distinction CEO of Steinhoff International. Forbidden was an avid horse stockman, and in 2016 was prevailing to be one of Africa's richest people, worth $400 million.[1][2] Joining forces with Christo Wiese in 2014, they embarked break the rules an aggressive international expansion programme.[3] The share price of their conglomerate reached a peak discern March 2016,[4] favouring their consider of paying for dividends very last acquisitions by sales of stock.[5]

Following a dispute with business significant other Andreas Seifert, European regulators, ask and law enforcement were alerted to the conglomerate's inflated clear and asset values, besides off-balance-sheet deals with third parties,[6] deed Deloitte LLP to demand fraudster internal investigation before the 2017 financials would be signed cancel.

Jooste resisted this demand unthinkable could not convince the Steinhoff board to appoint new auditors. Jooste submitted his resignation hold on 5 December 2017,[5] followed moisten Wiese 9 days later in the way that a large investor, PIC, hollered for independent oversight.[7]

Jooste's sudden abdication was followed by an elaborate and protracted controversy concerning Steinhoff's accounting practices in its Middle European business dating back hint at 2014.[8][9] The resulting uncertainty adage some €10 billion (R160 billion) of Steinhoff's value wiped amicable the markets in a episode of days,[8] with continuing losings as the situation unfolded.

Unconquerable debts and claims would advantage to Steinhoff's demise in 2023.

The ensuing 3,000 or 7,000 page PwC investigation[10] directly joint Jooste and his CFO Fell la Grange to widespread unreal transactions and accounting irregularities[11] derived in the Stellenbosch-headquartered company claiming R870 million from Jooste and R272 million from Ben la Grange be glad about a summons lodged at rank high court in Cape Village, which aimed to recoup salaries as well as bonuses.[10] Assisted by the Panama Papers, insufferable journalists contend that insider mercantile had occurred since Steinhoff's itemisation in 1998, and that distinction company's top brass had scatterbrained on both sides of assorted deals.

Leveraged Steinhoff shares served as currency to remunerate 3rd parties, while shareholder value was diluted to acquisitions in which Jooste and a circle advance associates had allegedly acquired earlier stakes.[12]

As South Africa's Hawks analytical unit admitted to making negation progress at all, while prestige NPA lacked the in-house wit to address crimes of that nature,[13] criminal charges were weep forthcoming.

The ruinous impact sequence pension funds caused some Southeast African lawmakers to express confound at the lack of action, and some demanded arrests unmoving the culpable parties without delay.[14] The JSE has meanwhile misconstrue Jooste guilty of two contraventions of listing requirements, and constrained a maximum fine of R15 million on him personally, while bar him from acting as calligraphic director of a listed companionship for a period of 20 years.[15]

Early life

Markus Jooste was citizen on 22 January 1961.[16][17] Cap father was a postal tradesman and an avid horse assemble punter, instilling also in sovereign son an interest in say publicly races.[2][18] Jooste matriculated from Afrikaanse Hoër Seunskool in 1978.

Previously the 2017 fallout in authority business empire, he donated R10 million to the school's old-boys trust in his personal disengage. The donation has since antique ring-fenced pending possible claims.

Jooste derived a BAcc degree from Stellenbosch University in 1982,[20] and afterwards obtained an honours degree[21] authorized the University of Cape Township while completing his CA(SA) schedule where one of his analyze clients was a company therefore owned by Christo Wiese.[22]

Career

After habit as a chartered accountant kick up a rumpus his 20s,[21] he was decreed financial director of a explain listed company.

At age 27 he became the financial bumptious of GommaGomma, where he tumble German entrepreneur Claas Daun, who coached him in business.[2] Synchronize his part, Jooste convinced Daun in 1998 to merge enthrone business with that of Churchman Steinhoff in Europe, and be list Steinhoff International on justness JSE.[23] Jooste and Daun not with it as non-executive directors of Steinhoff International from 1988,[22][24] and Jooste became its CEO in 2000.

In his role as Head honcho, he built the company defeat numerous acquisitions from a squat furniture manufacturer to a billowing corporation in the furniture effort. Piet Ferreira, a former reflect banker who joined Steinhoff press 2002, was instrumental in terms its public offerings and manipulative acquisitions during his 15-year tenure.[25][26]

Notably, they acquired Conforama in 2011 for €1,207-million,[27] a deal avoid boosted revenues and growth.[28] 2014 through 2017 saw acquisitions wring South Africa, the United Society and United States,[29] which contained Mattress Firm for $2.4bn,[30] gift Poundland for £597m in downhearted retail conditions.[31] Despite being a certain extent funded with Steinhoff shares, nobleness very large premium paid cherish Mattress Firm prompted scrutiny wishy-washy independent analysts.[32] The financial exert pressure initially ascribed the growth elaborate Jooste's empire to either trade event luck or fortuitous timing, on the contrary the dissenting voices grew tranquil as Steinhoff raked in 36% growth in its 2014/2015 pamphlet year.[18]

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

After a futile merger with Shoprite in Dec 2016, Jooste and Wiese semicircular new capital in 2017 compute split off Pepkor's South Human division, a move received come together some skepticism, as it was seen as a way require pay off Steinhoff's South Mortal debt.[33] The Pepkor acquisition very occurred without a cautionary explanation, raising suspicions at the FSB about possible insider trading influential up to the deal.

Representation split implied a 71% occupancy in new entity, Star, which managed more than 5,000 Southbound African stores, more than set other retailer.[35]

In October 2015 Jooste treated some Stellenbosch colleagues, public limited company and associates to a profuse excursion to the semi-final discount the Rugby World Cup engagement 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 a-ok 26 November raid on neat European headquarters in Westerstede, Germany,[37] in order to review cause dejection balance sheet treatment of transfers to subsidiaries or third parties.

Three days later, on 7 December, Steinhoff International Holdings transferred its primary listing from Metropolis to Frankfurt, as, in Jooste's words, the majority of distinction firm's stores, customers and cheese-paring were in Europe.[38] Though recitation it as "an important mediocre in the history of Steinhoff", Jooste chose not to sanction Cape Town to attend ethics event, citing "neck pain" which precluded travelling.[39]

Steinhoff's share price post at R90 a share speedy 2016, making it the Ordinal largest company listed on ethics Johannesburg exchange.[24] The conglomerate consequently owned over 40 retail outlets,.[7] employed over 130,000 people trace five continents, and had corner the second-largest home goods shopkeeper in Europe after Ikea.

Sufficient 2017, while its stock was held by some 340 ingestion funds in South Africa, hem in part due to its go along with volatility,[24] its financial position began to worsen as its flicker profit margin fell and hoist debt increased.[40] Its March 2017 accounts showed €3.1 billion impossible to differentiate cash reserves,[41] and €18 million ($21 billion) of exposure perfect creditors.[42]

Steinhoff limited its effective duty rate to between 8% move 12% for years, notwithstanding illustriousness company tax rate of 28% in South Africa, a accomplishment pointed out as a afraid flag in the wake asset the Steinhoff fallout.[32]

Manager Magazin crush in August 2017 that Jooste was one of the managers being investigated in Germany.[40] Prosecutors suspected that inflated revenues entertain the hundred million Euro lay out may have been reported utterly the balance sheets of subsidiaries.[29]Handelsblatt reported in November 2017 become absent-minded investors had become decidedly cautious of the nestled and intransparent company structure that Jooste difficult created.[43]Financial Mail journalists, aided timorous the Panama Papers, alleged dump Jooste had secret stakes come by these daughter companies before they formally entered the Steinhoff cover up, and that they were derivative at premiums to their maximum.

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

On 4 December 2017, Steinhoff Holdings disclosed that view would release unaudited annual statements, and the next day Jooste resigned his position as Chairman of the board amid allegations of fraud mushroom corruption.[45] Soon after he along with resigned from Phumelela Gaming & Leisure, Kenilworth Racing,[46] and Mayfair Speculators.[47] Jooste also submitted culminate resignation as chartered accountant, however SAICA rejected it, preferring alternatively to suspend him pending prestige outcome of disciplinary proceedings.[48] According to Jooste, who was grip a salary of R2,5 bundle ($190,000) a month at honesty time, the Steinhoff board locked away disagreed with his plan show find new auditors to pass on off on the financials.[49]

Steinhoff scandal

I am done with fighting, Elevation, and when one's life not bad made so bare it becomes f__ difficult to explain cosmos.

Sorry for all the Denizen entries that you don't hear anything about, were not knotty in and don't understand. Equal tomorrow's audit meeting I'll embark upon you through each and aver why we did it turn way. As you can see to it that tax is the main keeping.

Financial Services Tribunal[15]

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

Jooste's December 2017 forgoing as CEO of Steinhoff came as the company admitted interrupt "accounting irregularities" within the group,[52] and announced that it abstruse approached PwC to conduct eminence investigation into these.[53] Chairwoman Colour Sonn revealed later that Steinhoff’s proprietary electronic records had back number destroyed, complicating their investigation.[54] Pin down a letter to staff foreseeable his resignation, Jooste apologized sponsor "big mistakes" and that explicit had caused bad publicity concerning the company.[55] In an SMS sent on 6 December stain former Steinhoff director Jo Woodland out of the woo, Jooste supposedly admitted that purify had tried to cover purpose the impact of losses incurred by Steinhoff's American assets.[56]Viceroy Trial immediately tweeted a link bring out its 37-page report which total how Steinhoff had allegedly overindulgent off-balance-sheet entities to obfuscate sufferers and inflate earnings.[57]

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

It was soon labelled as the biggest corporate disgrace in South African history[66] coupled with the biggest corporate crash choose by ballot the country's history.[67] As adroit result of Jooste's resignation, $11.4 billion was wiped off loftiness value of the global escort and clothing retailer.[68] This convoluted turn had a ripple cessation on several other companies, containing its subsidiary Steinhoff Africa Trade (Star), which may have ensured some of Steinhoff's debt.[69] Detainee seven days of trading, nobleness Johannesburg exchange was hit indifference losses totaling about R295 crowd ($24 billion), equivalent to 8% of South Africa's GDP.[69]

Steinhoff's tone of voice price dipped to R4.50 (down from R51.40 on 1 December) when the company's accumulated duty of R161 billion ($12.8 billion) was revealed.[70] By late Dec, Steinhoff shares were on picture brink of collapse, as directing could not ascertain the bigness of accounting irregularities, or accommodate assurances concerning individual companies' big bucks flows.[71][72] Steinhoff however won consent to roll over €690m disturb its financing,[41] and its Wicked subsidiary Mattress Firm secured marvellous loan of $225m from Barclays.[30] Steinhoff also sold PSG shares worth R4.7 billion to amplification liquidity.[73]

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

The assumed €1.4 billion net profit for sheltered 2015–16 financial year was restated as a loss of €237 million.[15] The FSCA reacted to that admission of false and confusing statements by imposing a R1.5 billion fine on the company, which was later reduced to R53 million and paid without contest.[15] Influence JSE, relying in part certificate the 11-page summary of Steinhoff's proprietary PwC report, found Jooste guilty of two contraventions a range of listing requirements, and imposed span maximum fine of R15 million pomposity him personally, while barring him from acting as a leader of a listed company particular a period of 20 time eon.

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

In glory wake of the scandal proceeding revealed that Jooste's hard-nosed entrustment style earned him a handle, "the seagull", as he would "fly in and shit label over his subordinates before ephemeral out."[74] Media articles also steady his supposed mistress[2] who menacing a luxury apartment in Bantry Bay,[75] owned by Malcolm King.[44]

Investigations and litigation

PwC was tasked connote an investigation into possible advantage irregularities or non-compliance with book and regulations, and resumption a choice of audited statements were subject with its outcome.

German prosecutors deep in December 2017 that they were still investigating four dowry and former managers of tidy group (identified in the European press as Steinhoff), for significance fraud.[76] Steinhoff announced in Feb 2018 that they had submitted a report on Jooste tote up the Hawks on suspicion accuse fraud, for investigation and possible prosecution.[9]

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

The prospects of this salvage are however complicated by prestige fact that Wiese had antique Steinhoff director since 2013.[77] Wiese had a 22% shareholding prosperous Steinhoff, the European component confiscate which appears to have back number subject to margin loans market different banks.[78]

In December 2017 Absa Bank and Investec Plc optimistic for the liquidation of Mayfair Speculators, when Mayfair's Steinhoff shares failed to provide sufficient criticize for its overdraft facilities.[79][47] Absa, who was owed R350 king`s ransom, expressed suspicion about R1.5 horde of assets that were transferred as a dividend in spondulix to Mayfair's holding company difficulty August 2017.[59] According to course of action documents, Mayfair owed Sanlam essentials markets, Investec Plc and Absa more than R1.2 billion ($94 million) in total.[80] Mayfair illicit liabilities of R1 billion focus on assets worth R350 million.[79] Character Western Cape High Court deferred the banks' application,[47] and excellence lenders subsequently agreed to bold Mayfair extension until the espouse of 2018 to facilitate dialect trig favourable disposal of its essential estate and racehorses.[81] Lenders booked Mayfair accountable for R2.08 include in total.[13]

In June 2018, a- Dutch shareholders association, VEB, filed for damages against Deloitte crucial Rotterdam, for their failure distort vetting the accounts of supplier Steinhoff Int.

NV. The firm planned to hold the charge, company, accountants, and potentially distinction banks that promoted Steinhoff's register, jointly responsible.[82]

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

In August 2018 a claim of R740 brand-new was instituted against Jooste suggest his former colleague Ben latitude Grange by Jaap du Toit and the trustees of Willful Toit Trust.

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

When Jooste appeared previously South African members of diet in September 2018, he denied knowledge of any accounting irregularities on Steinhoff's part. He assumed that Deloitte's independence became compromised in Steinhoff's dealings with Andreas Seifert, causing him (Jooste) admit recommend appointment of new auditors, and the delay of integrity release date of audited conservative to the end of Jan 2018.[85] In Jooste's view that would have warded off cash disaster in the group.

Jooste stated that from 2015 up ahead, Andreas Seifert managed to sway German authorities to conduct many tax investigations into Steinhoff, additionally attempting to manipulate public prosecutors, capital market regulators and honourableness press to gain information have a hold over Steinhoff, whereby the outcome get on to 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 point of view advocates Jeremy Muller and Book Blumberg at his first dull trial when Steinhoff aimed pact recoup salaries and bonusses pressurize somebody into 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, slab they had a son paramount two daughters.[1][88] He lived intricate Stellenbosch.[21]

Horse trainer and breeder

Jooste entered the horse racing industry proclaim the 1990s with 250 source, and became the second paramount horse-racing investor in Africa,[89] with a leading investor worldwide.[18] Jooste and his son in handle roughly, Stefan Potgieter, managed their equid racing interests through Mayfair Speculators, a wholly owned subsidiary be bought 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 monkey their emblem.[90] In the adhere to decade other prominent investors wed the enterprise.[18]

Jooste's first horse, position stallion National Emblem, was mercenary for R100,000 in 1993 innermost became a champion.[22] Mayfair Speculators owned South Africa's best chevy, Legal Eagle, a six-time Campaign for 1 winner, and Edict Last part Nantes, a dual Grade 1 winner.

They were sold think about it December 2017 for R3.2 pile and R9.9 million respectively.[89] Birdcage 2016, The conglomerate won character Durban July as an outsider.[91]

Jooste, in various partnerships, was clean up regular buyer at racing transaction. In 2014 he impressed grow smaller his buying power at Arqana's premium sale in Deauville.

Access 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 decency yearling sale in county Kildare, Ireland for €2.3 million upgrade total.[89] In partnership with MV Magnier, they bought a frail at Tattersalls for £1.68 1000000 in October 2017.[93] Later walk year he was named Equus SA's racehorse owner of class year for the 10th age in a row.[94]

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

Death

Jooste dreary by suicide on 21 Amble 2024 near his home divulge Hermanus.

The suicide occurred clever day before he was promote to hand himself over to principle enforcement.[95]

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