Journos expose Markus Jooste's dirty secrets

AmaBhungane and The Financial Mail investigations have confirmed what many have long suspected. That former Steinhoff CEO Markus Jooste held secret stakes in companies that traded with Steinhoff for years to the benefit of Jooste.

The deals, through beneficiaries, were hidden from investors.

The reports state that for years, Jooste and his inner circle wove an intricate web of opaque deals hidden from shareholders to covertly enrich themselves.

READ: ‘Steinhoff: Inside SA’s Biggest Corporate Crash’ author reveals shocking details

Speaking to Xolani Gwala, Financial Mail journalist Warren Thompson says as far as they can tell these dealings go back 20 years when Steinhoff listed the company at the JSE in 1998.

It is very interesting to note that Mr Jooste, as well as Bruno Steinhoff, were enriching themselves at the expense of shareholders in a number of transactions involving property deals which were shell companies that they would buy from the Bahamas - and those properties would be used to buy properties backed by Steinhoff.

Warren Thompson, Financial Mail journalist

Listen below to the full interview:


This article first appeared on 702 : Journos expose Markus Jooste's dirty secrets


Recommended

by NEWSROOM AI
Read More
It wasn’t me! – Markus Jooste, the ‘Mother Theresa of Steinhoff’

It wasn’t me! – Markus Jooste, the ‘Mother Theresa of Steinhoff’

The former Steinhoff CEO testified – under oath – in Parliament. Bruce Whitfield interviews Business Day’s Warren Thompson.

Ex Steinhoff CEO denies knowing anything about accounting irregularities

Ex Steinhoff CEO denies knowing anything about accounting irregularities

Former Steinhoff CEO Markus Jooste says he had no knowledge of any accounting irregularities at the company when he stepped down.

Steinhoff avoids collapse, saving 120 000 jobs

Steinhoff avoids collapse, saving 120 000 jobs

The Money Show’s Bruce Whitfield interviews Financial Mail Editor Rob Rose.

Former Steinhoff CEO Markus Jooste OKs a 'circumscribed' grilling in Parliament

Former Steinhoff CEO Markus Jooste OKs a 'circumscribed' grilling in Parliament

Markus Jooste will break his silence on Wednesday, 5 September. Bruce Whitfield interviews Business Day's Warren Thompson.

‘Steinhoff: Inside SA’s Biggest Corporate Crash’ author reveals shocking details

‘Steinhoff: Inside SA’s Biggest Corporate Crash’ author reveals shocking details

Exposed! Blonde mistress, racing horses, unparalleled extravagance… The Money Show’s Bruce Whitfield interviews James Brent Styan.

Steinhoff shares jump to a high

Steinhoff shares jump to a high

Financial Mail Deputy Editor, Sikonathi Mantshantsha, looks at Steinhoff shares and Trevor Manuel's hard sell...

Words you will hear today: Stein-aster

Words you will hear today: Stein-aster

A combo of Steinhoff and disaster after allegations of financial irregularities saw 62% wiped off the value of Steinhoff.

Who should be allowed access to your encrypted data?

Who should be allowed access to your encrypted data?

There are growing calls for governments to be given access to people’s data. Is that fair?

Presidency: Zuma will stay away from Kathrada funeral at family's request

Presidency: Zuma will stay away from Kathrada funeral at family's request

The Presidency has issued a statement in which it confirms why President Zuma will not attend Ahmed Kathrada's funeral and memorial service.

Dis-Chem Foundation: Recovering drug addicts get a helping hand

Dis-Chem Foundation: Recovering drug addicts get a helping hand

Dis-Chem Foundation and 702 met two men who run an outpatient counseling and after school facility through NGO Ladies for Hope.

Apple Watch will not be available in South Africa from 24 April

Apple Watch will not be available in South Africa from 24 April

Apple's much anticipated watch will ship from 24 April, but the fact that we will not get it to start with could be a good thing.

Who's wasting power during a crisis?

Who's wasting power during a crisis?

The Midday Report - Where you won't miss a thing

"Making my Marc" : The story of the South African Shopping Mall

"Making my Marc" : The story of the South African Shopping Mall

Bruce chats to author and property mogul Marc Wainer, about his book "Making my Marc" which tells the story of shopping malls in SA

Popular articles
Ever wondered why university vice-chancellors earn millions. Here's why

Ever wondered why university vice-chancellors earn millions. Here's why

CEO of Universities SA, Professor Ahmed Bawa explains why university vice-chancellors earn a lot of money while students struggle.

[WATCH] Iceland’s Christmas advert banned- for being too political

[WATCH] Iceland’s Christmas advert banned- for being too political

Khabazela shares tweets and Facebook posts that have gone viral.

Growing antibiotic-resistant superbugs in South Africa a major concern

Growing antibiotic-resistant superbugs in South Africa a major concern

More and more people are reportedly antibiotic resistant due to the inappropriate use of antibiotics.

SPCA to open case against impatient CT man seen driving over two goslings in CBD

SPCA to open case against impatient CT man seen driving over two goslings in CBD

A family of Egyptian geese were crossing the road at the corner of Spin Street and Adderley Street, when the man drove over them.

NPO director murdered in his Cape Town home, mourned

NPO director murdered in his Cape Town home, mourned

Curran was found stabbed to death in his Cape Town home about 48 hours ago.

Driving licence card delays continue across SA amid ongoing strike

Driving licence card delays continue across SA amid ongoing strike

Department spokesperson Jandré Bakker says the ongoing industrial action has affected issuing centres nationwide.

24-hour traffic service to soon be introduced in Cape Town

24-hour traffic service to soon be introduced in Cape Town

Councillor JP Smith says the City has started to get the ball rolling to expand the traffic service to cover night time.