Steinhoff prepares for trial in quest to recover R850 million from Markus Jooste | Fin24


Former Steinhoff CEO Markus Jooste testifies before the House of Representatives.

Steinhoff CEO Louis du Preez says the retailer is awaiting a lawsuit to recover hundreds of millions of rands from its former boss Markus Jooste.

Steinhoff wants to recover approximately R850 million in salaries, bonuses and other incentives it paid its former CEO in a civil suit.

Jooste, who opposes the application, denies having faulted anything.

“The pleas are closed, the steps are now to begin preparation of the trial and for the court to assign a court date,” Du Preez told an investor briefing in Stellenbosch Friday afternoon.

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The trial appears to be the first time Jooste will appear in court after the dramatic fall in Steinhoff’s share price in 2017. The former Steinhoff CEO has been accused of balance sheet fraud in Germany, where Steinhoff has its primary listing, but there is no date determined when the process should begin.

In October 2020, he was fined R162 million by the Financial Sector Conduct Authority for insider trading. But the fine was overturned on appeal by the Financial Services Tribunal. The tribunal has ordered the FSCA to reconsider the fine, a process that is still ongoing.

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He is also under investigation by the Hawks, who have not yet announced charges.

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