“Gradually, then suddenly.” Those famous lines from Ernest Hemingway’s novel The Sun Also Rises seem to be playing out on South Africa shores. It’s been near five years since those eventful days in December that saw the Steinhoff International share price fall from R46 to R6 in under three days after CEO Markus Jooste’s departure amid an accounting scandal (the after close share price on Friday 21 October was R1.86).
The South African Reserve Bank has now acted against Jooste (where others like the NPA et al haven’t) after obtaining a court order to attach certain assets. The charge is exchange control violations, something more in line with Al Capone’s tax evasion (maybe it’s easier to track the money than determine who pulled the trigger?) Off the back of these recent developments BizNews founder Alec Hogg chatted to SA businessman Gary Harlow, who is named in High Court papers below. Harlow is a trustee of Silveroak, Jooste’s family trust. The other external trustee of the estate is Rian Du Plessis, was also named in the court orders below. Both of those court applications are embedded below:
Note, if you’re on your phone you may want to peruse the documents on a PC or tablet for a better experience.
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