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Markus Jooste faces charges relating to accounting violations, which took place in Germany. South Africa’s Financial Sector Conduct Authority fined the former Steinhoff CEO and three associates a total of R241m for insider trading-related breaches ahead of the dramatic collapse of the company’s share price in late 2017. South Africans were outraged when Jooste wasn’t arrested for his crimes, which wiped out fortunes, including those of Christo Wiese. Steinhoff is currently working on agreements to settle multi-jurisdictional claims against it, and it seems Jooste has his own international litigations to contend with.- Melani Nathan
Ex-Steinhoff CEO said to be charged in German criminal probe
By Karin Matussek and John Bowker
(Bloomberg) – Former Steinhoff International Holdings NV Chief Executive Officer Markus Jooste is among four people charged in Germany for accounting violations, a person familiar with the investigation said.
The charges were filed about four months ago, according to the person who declined to be identified because the indictment hasn’t been made public. Prosecutors in the German city of Oldenburg said they may issue a statement about the case Thursday.
The indictment covers accounting violations in Germany, the person said. Jooste’s German lawyer in an interview Thursday called the allegations inaccurate.
Manager Magazin reported the charges earlier this week.
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