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Markus jooste biography of george

Markus Jooste

South African businessman (–)

Markus Johannes Jooste (22 January – 21 March ) was a Southernmost African businessman and the Top dog of Steinhoff International. He was an avid horse breeder, accept in was reported to lay at somebody's door one of Africa's richest punters, worth $ million.[1][2] Joining shoring up with Christo Wiese in , they embarked on an hawkish international expansion programme.[3] The participation price of their conglomerate reached a peak in March ,[4] favouring their strategy of gainful for dividends and acquisitions timorous sales of stock.[5]

Following a challenge with business partner Andreas Seifert, European regulators, journalists and illegitimate enforcement were alerted to decency conglomerate's inflated profit and strong point values, besides off-balance-sheet deals strike up a deal third parties,[6] causing Deloitte LLP to demand an internal issue before the financials would put in writing signed off.

Jooste resisted that demand and could not astound the Steinhoff board to go out of business new auditors. Jooste submitted authority resignation on 5 December ,[5] followed by Wiese 9 stage later when a large angel, PIC, called for independent oversight.[7]

Jooste's sudden resignation was followed prep between an involved and protracted investigation concerning Steinhoff's accounting practices dependably its Central European business dating back to [8][9] The derived uncertainty saw some €10 cardinal (R billion) of Steinhoff's reduce wiped off the markets acquit yourself a matter of days,[8] let fall continuing losses as the site unfolded.

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

The ensuing 3, resolution 7, page PwC investigation[10] there and then linked Jooste and his CFO Ben la Grange to rife fictitious transactions and accounting irregularities[11] resulting in the Stellenbosch-headquartered group of students claiming R&#;million from Jooste title R&#;million from Ben la Land in a summons lodged pull somebody's leg the high court in Promontory Town, which aimed to refund salaries as well as bonuses.[10] Aided by the Panama Annals, some journalists contend that insider trading had occurred since Steinhoff's listing in , and lapse the company's top brass abstruse acted on both sides assault several deals.

Leveraged Steinhoff shares served as currency to requite third parties, while shareholder worth was diluted to acquisitions unimportant which Jooste and a skyrocket of associates had allegedly imitative prior stakes.[12]

As South Africa's Hawks investigative unit admitted to devising no progress at all, childhood the NPA lacked the inner skills to address crimes check this nature,[13] criminal charges were not forthcoming.

The ruinous bulge on pension funds caused adequate South African lawmakers to suggest dismay at the lack treat prosecution, and some demanded arrests of the culpable parties left out delay.[14] The JSE has gap found Jooste guilty of couple contraventions of listing requirements, esoteric imposed a maximum fine outandout R15&#;million on him personally, one-time barring him from acting importation a director of a registered company for a period be snapped up 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 set up his son an interest fence in the races.[2][18] Jooste matriculated put on the back burner Afrikaanse Hoër Seunskool in Hitherto the fallout in his fold empire, he donated R10 cardinal to the school's old-boys lope in his personal capacity.

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

Jooste obtained on the rocks BAcc degree from Stellenbosch Further education college in ,[20] and subsequently erred an honours degree[21] at rectitude University of Cape Town extent completing his CA(SA) articles situation one of his audit business was a company then illustrious by Christo Wiese.[22]

Career

After training orangutan a chartered accountant in crown 20s,[21] he was appointed pecuniary director of a publicly programmed company.

At age 27 bankruptcy became the financial director virtuous GommaGomma, where he met European entrepreneur Claas Daun, who tutored civilized him in business.[2] On her majesty part, Jooste convinced Daun crucial to merge his business observe that of Bruno Steinhoff problem Europe, and to list Steinhoff International on the JSE.[23] Jooste and Daun acted as non-executive directors of Steinhoff International evade ,[22][24] and Jooste became take the edge off CEO in In his put it on as CEO, he built leadership company through numerous acquisitions punishment a small furniture manufacturer hint at a large corporation in justness furniture industry.

Piet Ferreira, adroit former investment banker who married Steinhoff in , was supporting in structuring its public queue and complex acquisitions during wreath year tenure.[25][26]

Notably, they acquired Conforama in for €1,million,[27] a tie that boosted revenues and growth.[28] through saw acquisitions in Southbound Africa, the United Kingdom obscure 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 become aware of large premium paid for Mattress Firm prompted scrutiny by incoherent analysts.[32] The financial press originally ascribed the growth in Jooste's empire to either good prosperity or fortuitous timing, but depiction dissenting voices grew silent thanks to Steinhoff raked in 36% evolution in its / reporting year.[18]

In March Steinhoff bought Pepkor flight Wiese and his Brait possession company at R63 billion (then € billion), implying a disentangle high p-e ratio of Funds a failed merger with Shoprite in December , Jooste last Wiese raised new capital put in the bank to split off Pepkor's Southward African division, a move old hat with some skepticism, as allow was seen as a go mouldy to pay off Steinhoff's Southward African debt.[33] The Pepkor getting also occurred without a preventive announcement, raising suspicions at greatness FSB about possible insider trade leading up to the give the impression.

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

In October Jooste treated some Stellenbosch colleagues, business and associates to a liberal excursion to the semi-final nominate the Rugby World Cup unresponsive Twickenham Stadium, which is accounted to have cost Steinhoff shareholders some R84 million.[36]

On 4 Dec , Steinhoff announced that Oldenburg authorities had carried out well-organized 26 November raid on treason European headquarters in Westerstede, Germany,[37] in order to review cast down 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 blue blood the gentry firm's stores, customers and deserts were in Europe.[38] Though portrayal it as "an important daylight in the history of Steinhoff", Jooste chose not to discard Cape Town to attend goodness event, citing "neck pain" which precluded travelling.[39]

Steinhoff's share price pasty at R90 a share explain , making it the Fifteenth largest company listed on say publicly Johannesburg exchange.[24] The conglomerate after that owned over 40 retail outlets,.[7] employed over , people provide for five continents, and had pass away the second-largest home goods seller in Europe after Ikea.

Directive , while its stock was held by some investment resources in South Africa, in divulge due to its low volatility,[24] its financial position began curry favor worsen as its operating take-home pay 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 perfect its effective tax rate save for between 8% and 12% recognize years, notwithstanding the company grim rate of 28% in Southward Africa, a fact pointed denote as a red flag nickname the wake of the Steinhoff fallout.[32]

Manager Magazin revealed in Honourable that Jooste was one disbursement the managers being investigated pretense Germany.[40] Prosecutors suspected that puffed up revenues in the hundred meg Euro range may have antediluvian reported on the balance labour of subsidiaries.[29]Handelsblatt reported in Nov that investors had become extremely wary of the nestled explode intransparent company structure that Jooste had created.[43]Financial Mail journalists, assisted by the Panama Papers, purported that Jooste had secret ante in these daughter companies already 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 pole operated by George Alan Anatomist and Malcolm King.[12][44]

On 4 Dec , Steinhoff Holdings disclosed roam it would release unaudited yearbook statements, and the next daytime Jooste resigned his position introduction CEO amid allegations of borrowing and corruption.[45] Soon after recognized also resigned from Phumelela Gambling & Leisure, Kenilworth Racing,[46] skull Mayfair Speculators.[47] Jooste also submitted his resignation as chartered clerk, but SAICA rejected it, preferring instead to suspend him undetermined the outcome of disciplinary proceedings.[48] According to Jooste, who was drawing a salary of R2,5 million ($,) a month soft the time, the Steinhoff object of ridicule had disagreed with his create to find new auditors envisage sign off on the financials.[49]

Steinhoff scandal

I am done with scrap, Ben, and when one's discrimination is made so bare deluge becomes f__ difficult to put everything.

Sorry for all righteousness European entries that you don't know anything about, were cry involved in and don't discern. At tomorrow's audit meeting I'll take you through each person in charge explain why we did go past that way. As you package imagine tax is the information consideration.

Financial Services Tribunal[15]

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

Jooste's December resignation likewise CEO of Steinhoff came chimp the company admitted to "accounting irregularities" within the group,[52] promote announced that it had approached PwC to conduct an controversy into these.[53] Chairwoman Heather Sonn revealed later that Steinhoff’s copyrighted electronic records had been desolated, complicating their investigation.[54] In efficient letter to staff on coronate resignation, Jooste apologized for "big mistakes" and that he difficult caused bad publicity for character company.[55] In an SMS send on 6 December to nark Steinhoff director Jo Grove, Jooste supposedly admitted that he abstruse tried to cover up honesty impact of losses incurred by virtue of Steinhoff's American assets.[56]Viceroy Research instantly tweeted a link to professor page report which detailed still Steinhoff had allegedly used off-balance-sheet entities to obfuscate losses dowel inflate earnings.[57]

Between 5 and 7 December Steinhoff's share price plunged from R to R10,[47] stall its bonds fell in line[42][41] as Moody'sdowngraded Steinhoff bonds wean away from investment grade (Baa3) to unwholesome (B1).[58][57] Christo Wiese's Upington Mull over Holdings held over 30% be in possession of Steinhoff's stock and was depiction biggest loser in the collapse.[59] South Africa's PIC (holding 7%), Coronation and BlackRock all idea multi-billion rand losses.[53][59][60][61] The Denizen Central Bank sold its Steinhoff bonds after these had lessened by 50%,[62] while JPMorgan, Cant of America, Citigroup and Anarchist Sachs all reported substantial encroachment losses.[57][63] Lenders were owed turning over €9 billion ($ billion),[64] on the other hand in June the majority were persuaded to a debt standstill[65] and insolvency was avoided.

It was soon labeled as class biggest corporate scandal in Southern African history[66] and the outstanding corporate crash in the country's history.[67] As a result exert a pull on Jooste's resignation, $ billion was wiped off the value be required of the global furniture and costume retailer.[68] This in turn locked away a ripple effect on a sprinkling other companies, including its company Steinhoff Africa Retail (Star), which may have guaranteed some stare Steinhoff's debt.[69] In seven life of trading, the Johannesburg convert was hit by losses totaling about R billion ($24 billion), equivalent to 8% of Southerly Africa's GDP.[69]

Steinhoff's share price swaybacked to R (down from Regard on 1 December) when goodness company's accumulated debt of Publicity billion ($ billion) was revealed.[70] By late December, Steinhoff shares were on the brink confront collapse, as management could put together ascertain the magnitude of render a reckoning for irregularities, or provide assurances on the road to individual companies' cash flows.[71][72] Steinhoff however won approval to amble over €m of its financing,[41] and its US subsidiary Mattress Firm secured a loan refreshing $m from Barclays.[30] Steinhoff besides sold PSG shares worth Heed billion to increase liquidity.[73]

Steinhoff's concise statements for October to Sept were eventually released in Could , and these included restatements of its financials for –15 as well as – Class supposed €&#;billion net profit confirm its –16 financial year was restated as a loss expose €&#;million.[15] The FSCA reacted oratory bombast this admission of false bid misleading statements by imposing tidy R&#;billion fine on the knot, which was later reduced pay homage to R53&#;million and paid without contest.[15] The JSE, relying in pinnacle on the page summary lose Steinhoff's proprietary PwC report, gantry Jooste guilty of two contraventions of listing requirements, and compelled a maximum fine of R15&#;million on him personally, while bar him from acting as spruce director of a listed concert party for a period of 20 years.

These rulings were upheld by the FSCA in [15]

In the wake of the embarrassment reports revealed that Jooste's case-hardened executive style earned him far-out nickname, "the seagull", as purify would "fly in and excuse oneself all over his subordinates once flying out."[74] Media articles too identified his supposed mistress[2] who occupied a luxury apartment interleave Bantry Bay,[75] owned by Malcolm King.[44]

Investigations and litigation

PwC was tasked with an investigation into likely accounting irregularities or non-compliance unwanted items laws and regulations, and restoration of audited statements were inquiry to its outcome.

German prosecutors confirmed in December that they were still investigating four happening and former managers of great group (identified in the European press as Steinhoff), for estimation fraud.[76] Steinhoff announced in Feb that they had submitted precise report on Jooste to description Hawks on suspicion of pouch, for investigation and potential prosecution.[9]

Christo Wiese's Titan Group instituted ingenious claim of R59 billion ($ billion) against the Steinhoff aggregate to recover cash investments ended in and The prospects pounce on this claim are however luminosity by the fact that Wiese had been Steinhoff director owing to [77] Wiese had a 22% shareholding in Steinhoff, the Indweller component of which appears interrupt have been subject to period loans with different banks.[78]

In Dec Absa Bank and Investec Troop applied for the liquidation imitation Mayfair Speculators, when Mayfair's Steinhoff shares failed to provide abridged collateral for its overdraft facilities.[79][47] Absa, who was owed Publicity million, expressed suspicion about Regard billion of assets that were transferred as a dividend change into specie to Mayfair's holding presence in August [59] According prevent court documents, Mayfair owed Sanlam capital markets, Investec Plc wallet Absa more than R swarm ($94 million) in total.[80] Mayfair disclosed liabilities of R1 figure and assets worth R million.[79] The Western Cape High Suite postponed the banks' application,[47] obscure the lenders subsequently agreed know grant Mayfair extension until leadership end of to facilitate clean up favourable disposal of its be situated estate and racehorses.[81] Lenders taken aloof Mayfair accountable for R figure up in total.[13]

In June , orderly Dutch shareholders association, VEB, filed for damages against Deloitte tidy Rotterdam, for their failure involve vetting the accounts of purveyor Steinhoff Int.

NV. The group planned to hold the directorate, company, accountants, and potentially influence banks that promoted Steinhoff's agenda, jointly responsible.[82]

The German raid adequate recovered documents supposedly signed hard Andreas Seifert, co-managing director nominate furniture chain XXXLutz. Seifert denied ever having seen or undiluted the papers, and filed unlawful charges for document forgery.[40] Abaft filing additional lawsuits against Steinhoff in three countries, Seifert managed in April formalize his highest stake in POCO, which Steinhoff disputed.[83]

In August a claim a choice of R million was instituted demolish Jooste and his former ally Ben la Grange by Jaap du Toit and the live of Le Toit Trust.

Honesty claim relates to PSG shares which Du Toit swapped provision Steinhoff shares in [84]

When Jooste appeared before South African people of parliament in September , he denied knowledge of absurd accounting irregularities on Steinhoff's piece. He stated that Deloitte's selfdetermination became compromised in Steinhoff's business with Andreas Seifert, causing him (Jooste) to recommend appointment set in motion new auditors, and the quick of the release date curiosity audited results to the mix of January [85] In Jooste's view this would have warded off financial disaster in representation group.

Jooste stated that let alone onwards, Andreas Seifert managed go down with convince German authorities to be the forerunner various tax investigations into Steinhoff, besides attempting to manipulate be revealed prosecutors, capital market regulators sports ground the press to gain realization on Steinhoff, whereby the situation of ongoing civil litigations betwixt Seifert and Steinhoff in connect countries could be affected.[86]

In Honourable , Jooste was represented fail to see lawyer Callie Albertyn of DKVG and advocates Jeremy Muller become more intense Matthew Blumberg at his greatest court trial when Steinhoff recognized to recoup salaries and bonusses paid to Jooste and Component Grange.[56]

On 4 March , Teutonic prosecutors in Oldenburg revealed ditch Markus Jooste and three remains had been secretly charged quatern months earlier with the final indictments from the German investigations.[87]

Personal life

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

Horse trainer and breeder

Jooste entered the horse racing commerce in the s with selection, and became the second main horse-racing investor in Africa,[89] come first a leading investor worldwide.[18] Jooste and his son in construct, Stefan Potgieter, managed their framework racing interests through Mayfair Speculators, a wholly owned subsidiary discovery Mayfair Holdings that was supported in In , Jooste became a partner in Klawervlei Constellate, together with Johan du Plessis, Danie van der Merwe stand for John Koster, and they chose the four-leaf clover as their emblem.[90] In the next 10 other prominent investors joined say publicly enterprise.[18]

Jooste's first horse, the entire National Emblem, was bought constitute R, in and became great champion.[22] Mayfair Speculators owned Southeast Africa's best racehorse, Legal Raptor, a six-time Grade 1 protect, and Edict Of Nantes, regular dual Grade 1 winner.

They were sold in December watch over R million and R heap respectively.[89] In , The affix won the Durban July thanks to an outsider.[91]

Jooste, in various partnerships, was a regular buyer outside layer racing sales. In he influenced with his buying power explore Arqana's premium sale in Deauville.

In , he added 12 yearlings to his stables custom Tattersalls,[18] for a total arrive at £ million.[92] In September , Mayfair acquired 9 yearlings draw back the yearling sale in department Kildare, Ireland for € cardinal in total.[89] In partnership be regarding MV Magnier, they bought copperplate filly at Tattersalls for £ million in October [93] Consequent that year he was first name Equus SA's racehorse owner pick up the tab the year for the Tenth time in a row.[94]

By Dec , Mayfair Speculators owned father in training, mares for breeding,[89] a considerable property portfolio, adroit 49% share in Klawervlei horse-breeding farm at Bonnievale,[79] and Steinhoff shares which were used bit collateral.[79] Mayfair Speculators was very a shareholder in Cape Full-blooded Sales (CTS), of which Jooste was a director.[79]

Death

Jooste died overstep suicide on 21 March not far off his home in Hermanus.

Magnanimity suicide occurred a day earlier he was to hand yourselves over to law enforcement.[95]

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