PPF to lay criminal charges against Steinhoff’s Markus Jooste

2017-12-09 17:42
Former Steinhoff CEO Markus Jooste at the recent Klawervlei breeders awards. (Photo: Klawervlei.co.za)

Former Steinhoff CEO Markus Jooste at the recent Klawervlei breeders awards. (Photo: Klawervlei.co.za)

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Cape Town - The Progressive Professionals Forum (PPF) is expected to lay criminal charges against former CEO of Steinhoff International Markus Jooste, at the Stellenbosch police station, in the Western Cape on Saturday.

Jooste resigned late on Tuesday evening as CEO of the global retail group with immediate effect amid an investigation into accounting irregularities.

In August, German business magazine Manager-Magazin reported that Jooste was among four employees being investigated by German prosecutors in connection with a 2015 case tied to possible accounting fraud.

As a result, Steinhoff's share price took a beating. The PPF has called on the Public Investment Corporation, the Minister of Finance Malusi Gigaba, South African Revenue Service (SARS) and Minister Faith Muthambi to do the following:

- Approach the Hawks' division of serious commercial crime offences to investigate the 6 chartered accountants on the Steinhoff board of directors

- Report the matter to The Independent Regulatory Board for Auditors (IRBA) and engage in appropriate processes to declare these directors delinquent.

- Gigaba to investigate the possible violation of financial regulatory provisions by the PIC,SARS and the auditors, Deloitte, that audited Steinhoff financial reports for 2015/ 2016 and report them to their council or association and the Independent Regulatory Board for Auditors (IRBA).

PPF spokesperson Phapano Phasha said failure to sanction an investigation by Gigaba could see him being reported to the Public Protector for dereliction of duty.

Phasha said the forum would also write a report to the Public Protector requesting an enquiry into asset management companies sub-contracted by the PIC.

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