In 2017, an accounting scandal erupted at South African multinational Steinhoff. The German authorities uncovered a number of financial irregularities, causing Steinhoff CEO Markus Jooste to abandon ship. Steinhoff’s demise meant that a number of wealthy investors, including billionaire Christo Wiese, felt the devastating effects of its share price drop. Understandably, South Africans are crying out for Jooste to be brought to justice. In his weekly webinar, BizNews colleague Tim Modise asks National Prosecuting Authority (NPA) spokesperson Sipho Ngwema when we can expect to see results. – Claire Badenhorst
TM: What is the progress regarding Markus Jooste and the Steinhoff matter?
___STEADY_PAYWALL___
In the Steinhoff matter, first of all, we had to make sure that we get the auditor’s on board because they’ve been working on the matter for the past two years. And two, because this is a transnational matter as well, it’s very complicated, it’s very big and it involves many other countries. So, we are now directing the forensic investigation in order to make sure that it meets the standards from a criminal prosecution and a criminal investigation point of view.
So, that investigation is continuing. We are working with the auditors.
Also read:Â Steinhoff offers to pay R16,5bn for claims in settlement proposal
As you know, there was an offer made by the company, which we accepted as law enforcement so that has helped us as well. We have also tried to make sure there is no influence and there are enough safeguards for us to continue with the investigation and not to compromise it in case there are other conflicting issues that may arise. Given the fact that the company is a complainant, it may happen in the future that probably there also can be suspects in the matter that we’re investigating. So, that investigation is proceeding and we’re hoping that we will be able to finish it and be able to take action on those people that are implicated.
One of the reasons why we were able to take the decisions that we are able to take is because the people implicated have left the company and the shareholders are the complainants. Therefore, we are moving together with the Hawks to try and make sure that we finish the investigation and we are able to take action at the time that we have to take action.
Also read: SA corruption: no action following theft of R500bn during Zuma’s rule
You can listen to the entire webinar here.
*Join the conversation. Every Thursday at noon, our colleague, veteran broadcaster Tim Modise hosts this free-to-air webinar where he and the BizNews community have an opportunity to ping questions at high profile guests. Don’t miss out! Register here.
