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.
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