Markus Jooste: the horse racing fanatic who almost destroyed Phumelela

Markus Jooste, a horse racing fanatic and former CEO of Steinhoff International, was very involved in Phumelela – the company that controls horse racing in South Africa. In 2018, South Africa's horse racing industry was jolted out of its astonishing complacency after the exposure of Jooste – its largest patron – as an industrial scale fraudster. In a webinar hosted by BizNews founder, Alec Hogg, he recently interviewed Brian Riley, the acting Chairman of the Racing Association and member of the Racing Restructuring Task Team (RTT) and Racing Association director Charles Savage. The topic of Jooste's fraudulent conduct and impact on the racing industry could not be avoided, as is evident in the extract from the webinar in this article published below. Hogg, referring to the Steinhoff share price graph at the bottom of this article, notes that in December 2017 – both Steinhoff and Phumelela blew up and that these parallels are obvious to anyone sitting on the outside. – Nadya Swart

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