Reserve Bank seizes former Steinhoff CEO Markus Jooste’s assets – what they took
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The South African Reserve Bank (SARB) has seized assets belonging to former Steinhoff CEO Markus Jooste.
This comes five years after severe financial misconduct at global holding company Steinhoff International became one of South Africa’s largest corporate scandals.
The financial maladministration and fraud ultimately led to a 95% crash in Steinhoff’s value on the JSE when the scandal broke, contributing to a massive loss in the value of pensions that were held in the Government Employees Pension Fund (GEPF).
This comes five years after severe financial misconduct at global holding company Steinhoff International became one of South Africa’s largest corporate scandals.
The financial maladministration and fraud ultimately led to a 95% crash in Steinhoff’s value on the JSE when the scandal broke, contributing to a massive loss in the value of pensions that were held in the Government Employees Pension Fund (GEPF).
