Mayfair Speculators Pty Ltd., of which Jooste was a director until two weeks ago, owes Sanlam Ltd.'s capital markets arm, Investec Plc and Absa, a banking unit of Barclays Africa Group Ltd., more than 1.2 billion rand ($94 million), according to documents filed by Absa on Dec. 18. in the Western Cape High Court. Both Absa and Investec have gone to court to try and recoup their money and want Mayfair to be liquidated.
The filings deepen Jooste's predicament. Fears around Steinhoff's accounting irregularities have cut the share price by more than 90 percent as investors balked at a lack of further information and billionaire Chairman Christo Wiese also quit. Steinhoff is being investigated by regulators in Germany, South Africa and the Netherlands and faces a spate of lawsuits in Europe.
A message left at Mayfair's offices for director Stefan Potgieter in Stellenbosch, near Cape Town, wasn't immediately answered. Jooste didn't immediately response to a request for comment. Steinhoff said the company can't comment on the ex-CEO's affairs as he's no longer an employee.
Jooste is a known horse racing fanatic and through Mayfair owned one of the largest stable of thoroughbreds in South Africa. Mayfair sold one of its prize horses, Legal Eagle, this week, according to the Sporting Post, while a South African labor group has asked the organizers of a major Cape Town horse race to ban Jooste from entering his animals in the competition.