Home Business and Technology #MarkusJooste says his family trust held R3bn in shares when scandal broke

#MarkusJooste says his family trust held R3bn in shares when scandal broke


Former Steinhoff chief executive Markus Jooste on Wednesday told MPs the day an accounting scandal hit the multi-national retailer, his family trust held shares worth around R3 billion.

Steinhoff’s announcement of “possible accounting irregularities” and Jooste’s resignation on December 6th saw the company’s share price plummet, and saw the Public Investment Corporation, which invests on behalf of South African state workers, lose over R20 billion.

Markus Jooste

During his testimony before MPs after he was subpoenaed to appear before four parliamentary committees, Jooste was asked to declare his personal stake in Steinhoff.

“I have a family trust that has an investment company and at the date of the Steinhoff demise, we had through indirect holdings 68 million Steinhoff shares….”

Asked how much this was worth in rands and cents, he said on the day of the collapse it was valued at R3bln.

Source: News24

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