Steinhoff wants Markus Jooste to pay back R870m - report

accreditation

Steinhoff has filed papers in the Cape Town High Court in an attempt to claw back hundreds of millions of rands from its former CEO Markus Jooste and its ex-CFO Ben la Grange, according to the Financial Mail

The business magazine reported on Wednesday that the Stellenbosch-headquartered company is claiming  R870m from Jooste and R272m from la Grange. This would include both salaries and bonuses. 

Steinhoff did not immediately reply to a request for comment on Wednesday afternoon. Fin24 has not seen a copy of the summons. 

Jooste and la Grange were previously named by Steinhoff as forming part of a group of eight people implicated in the findings of a 15-month forensic probe of the company's books by PwC.

Steinhoff instituted the probe in December 2017, after Jooste abruptly resigned at the start of an an accounting scandal. While Steinhoff views the full 3 000 page PwC investigation as privileged, it published a 11-page overview of the probe’s key findings in March which argued that a "small group" of former executives inflated the group's profit and asset values for years. 

At a Parliamentary committee meeting in June, Steinhoff leadership named the people implicated. 

News of the summons comes a week after Steinhoff reported a a loss of €1.19bn (R19.3bn at current exchange rates) for the year ended September 2018. The €1.19bn loss compares to a restated loss of €3.99bn (roughly R65bn at current exchange rates) for the 12 months ended September 2017.

Meanwhile, its former chairperson Christo Wiese, speaking to CNBC Africa on Wednesday, said it was now clear that, prior to the PwC probe, the audited results of Steinhoff "meant nothing". 

"They were signed off but they are shown or have now been shown to be not really representing the factual situation," he said. 

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
Rand - Dollar
14.51
+1.7%
Rand - Pound
19.88
+0.9%
Rand - Euro
16.83
+0.6%
Rand - Aus dollar
10.77
+0.6%
Rand - Yen
0.13
+0.7%
Gold
1,767.60
0.0%
Silver
23.31
0.0%
Palladium
2,075.53
0.0%
Platinum
1,059.00
0.0%
Brent Crude
84.86
+1.0%
Top 40
60,494
+0.2%
All Share
67,029
+0.3%
Resource 10
64,347
-0.1%
Industrial 25
84,819
+0.7%
Financial 15
13,961
-0.3%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Voting Booth
Facebook is facing a fresh crisis after a former employee turned whistle-blower leaked internal company research . Do you still use Facebook?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, the benefits outweigh the risk for me
23% - 89 votes
No, I have deleted it
47% - 181 votes
Yes, but I am considering deleting it
31% - 119 votes
Vote