60 468
Fashion Jobs
Loft, Full Time Visual Manager, Yorktown Shopping Center, Lombard, il
Permanent · Lombard
Part Time Stock Lead-Ann Taylor s0525-The Summit
Permanent · Birmingham
Business Analyst, Material Information Master
Permanent · East Windsor
Art Director, Digital (Drunk Elephant)
Permanent · Houston
Assistant Manager, Customer Operations - Lakeside - Adult
Permanent · Metairie
Inventory Control Clerk - 1st Shift
Permanent · Westampton
3rd Shift Inventory Control Specialist
Permanent · Jacksonville
Manager,North America Distribution Direct to Consumer/go to Market – on Line Channel
Permanent · Melville
Asset Protection - Agent - Newbury Rack
Permanent · Boston
Asset Protection - Agent - Tanasbourne Town Center Rack
Permanent · Beaverton
Asset Protection - Security Ambassador - Nyc Flagship
Permanent · New York
Area sc Manager 1- Sun-Thurs 5 am - 2 pm
Permanent · Newark
Asset Protection - Security Ambassador - East Palo Alto Rack
Permanent · East Palo Alto
Asset Protection - Agent - Sunset Valley Shopping Center Rack
Permanent · Austin
Asset Protection - Security Ambassador - Broadway Plaza in Walnut Creek
Permanent · Walnut Creek
Asset Protection - Agent - Mountain Grove Rack
Permanent · Redlands
Asset Protection - Agent - Southcenter Square Rack
Permanent · Tukwila
Asset Protection - Security Ambassador - Newbury Rack
Permanent · Boston
Asset Protection - Security Ambassador - Downtown Seattle
Permanent · Seattle
Asset Protection - Agent - South Bay Marketplace Rack
Permanent · Redondo Beach
Asset Protection - Security Ambassador - Bellevue Square
Permanent · Bellevue
Asset Protection - Agent - Men's Store Nyc
Permanent · New York
Jan 31, 2018
Reading time
3 minutes
Download the article
Click here to print
Text size
aA+ aA-

Crisis-hit Steinhoff reports former CEO to police

Jan 31, 2018

Steinhoff has reported its former chief executive Markus Jooste to South Africa's elite Hawks police unit over suspected corruption, the company's acting chairwoman told a parliamentary committee hearing on Wednesday.

Photo: Pep&Co

South Africa's Steinhoff, which owns more than 40 brands including Poundland in Britain, revealed accounting irregularities in December, sparking an 85 percent share price fall that wiped more than $10 billion off its market value.

It has since been scrambling to sell assets and find short-term funds to avoid parts of its business pulling down the sprawling retail empire which became one of the world's largest household goods retailers.
"Based on our investigations to date, we have reported the former CEO Markus Jooste to the Hawks ... The matter is now in the hands of the Hawks for investigation and prosecution," Steinhoff's acting chairwoman Heather Sonn told the committee, citing the Prevention and Combating of Corrupt Practices Act.

Jooste, who oversaw the company's rapid expansion over almost two decades, resigned on Dec. 5 as the accounting scandal broke. The former CEO has not made a public statement since and could not immediately be reached for comment on Wednesday.

"We don't know at this stage if the crisis could have been prevented," Sonn told the joint finance, public accounts and public service administration committee that was called to get preliminary information on Steinhoff.

She said the company was committed to fix what went wrong and that it was co-operating fully with all regulators.

The Hawks - full name the Directorate of Priority Crime Investigation - is responsible for investigating national criminal priorities such as serious organised and commercial crimes and serious corruption.
Steinhoff shares rose around 2 percent as the hearing was taking place.


Steinhoff officials said that retention of jobs, including 50,000 in South Africa, was one of the company's key aims.

Steinhoff's former chairman and leading shareholder Christo Wiese, who also spoke at the hearing, said the scandal "came like a bolt from the blue". Wiese said he became aware of problems at Steinhoff three working days before the company's accounts had to finalised for a board meeting in December. He said Steinhoff was in "absolute turmoil" at the time "when this bomb exploded".

Wiese said he "understood people's anger" after the firm admitted to accounting irregularities.
South Africa's Financial Services Board (FSB) said it was investigating two cases of possible insider trading and one of false or misleading statements relating to Steinhoff.

The Johannesburg Stock Exchange said it was still far from uncovering what had happened at the retailer.

South Africa's Government Employees Pension Fund (GEPF) said its shareholding in Steinhoff depreciated to 1.8 billion rand ($152 million) on Dec. 31 from 24.1 billion rand on Nov. 30, in the wake the accounting scandal at the retail group.

South Africa's central bank said it was investigating whether Steinhoff had breached any exchange control laws or regulations. Were Steinhoff to collapse, it would not result in financial instability, the bank added.

"While the collapse of Steinhoff may result in significant losses for banks, lenders and investors, SARB is of the view that this will not result in financial instability," the bank said in its presentation.
"SARB is investigating whether any exchange control laws or regulators have been breached."


© Thomson Reuters 2022 All rights reserved.