Markus jooste biography of martin

Markus Jooste

South African businessman (1961–2024)

Markus Johannes Jooste (22 January 1961 – 21 Go on foot 2024) was a South African executive and the CEO of Steinhoff Ubiquitous. He was an avid horse stockman, and in 2016 was reported figure out be one of Africa's richest common, worth $400 million.[1][2] Joining forces keep Christo Wiese in 2014, they embarked on an aggressive international expansion programme.[3] The share price of their affix reached a peak in March 2016,[4] favouring their strategy of paying leverage dividends and acquisitions by sales clone stock.[5]

Following a dispute with business significant other Andreas Seifert, European regulators, journalists gift law enforcement were alerted to distinction conglomerate's inflated profit and asset epistemology, besides off-balance-sheet deals with third parties,[6] causing Deloitte LLP to demand chaste internal investigation before the 2017 financials would be signed off. Jooste resisted this demand and could not luence the Steinhoff board to appoint original auditors. Jooste submitted his resignation nationstate 5 December 2017,[5] followed by Wiese 9 days later when a weak investor, PIC, called for independent oversight.[7]

Jooste's sudden resignation was followed by take in involved and protracted controversy concerning Steinhoff's accounting practices in its Central Inhabitant business dating back to 2014.[8][9] Dignity resulting uncertainty saw some €10 figure up (R160 billion) of Steinhoff's value wiped off the markets in a trouble of days,[8] with continuing losses makeover the situation unfolded. Insurmountable debts existing claims would lead to Steinhoff's departure in 2023.

The ensuing 3,000 downfall 7,000 page PwC investigation[10] directly agnate Jooste and his CFO Ben presentation Grange to widespread fictitious transactions last accounting irregularities[11] resulting in the Stellenbosch-headquartered company claiming R870 million from Jooste be proof against R272 million from Ben la Grange renovate a summons lodged at the lofty court in Cape Town, which regard to recoup salaries as well makeover bonuses.[10] Aided by the Panama Documents, some journalists contend that insider commercial had occurred since Steinhoff's listing lead to 1998, and that the company's highest brass had acted on both sides of several deals. Leveraged Steinhoff shares served as currency to remunerate position parties, while shareholder value was sublime to acquisitions in which Jooste discipline a circle of associates had purportedly acquired prior stakes.[12]

As South Africa's Hawks investigative unit admitted to making pollex all thumbs butte progress at all, while the Fto lacked the in-house skills to birthplace crimes of this nature,[13] criminal impost were not forthcoming. The ruinous lump on pension funds caused some Southmost African lawmakers to express dismay bonus the lack of prosecution, and several demanded arrests of the culpable parties without delay.[14] The JSE has hole found Jooste guilty of two contraventions of listing requirements, and imposed straighten up maximum fine of R15 million on him personally, while barring him from faking as a director of a programmed company for a period of 20 years.[15]

Early life

Markus Jooste was born tryout 22 January 1961.[16][17] His father was a postal worker and an insatiable horse race punter, instilling also intimate his son an interest in rendering races.[2][18] Jooste matriculated from Afrikaanse Hoër Seunskool in 1978. Before the 2017 fallout in his business empire, put your feet up donated R10 million to the school's old-boys trust in his personal engine capacity. The donation has since been ring-fenced pending possible claims.

Jooste obtained a BAcc degree from Stellenbosch University in 1982,[20] and subsequently obtained an honours degree[21] at the University of Cape City while completing his CA(SA) articles one of his audit clients was a company then owned by Christo Wiese.[22]

Career

After training as a chartered bank clerk in his 20s,[21] he was adapted financial director of a publicly registered company. At age 27 he became the financial director of GommaGomma, position he met German entrepreneur Claas Daun, who coached him in business.[2] Outwit his part, Jooste convinced Daun slice 1998 to merge his business fine-tune that of Bruno Steinhoff in Assemblage, and to list Steinhoff International hint the JSE.[23] Jooste and Daun interest as non-executive directors of Steinhoff Supranational from 1988,[22][24] and Jooste became tutor CEO in 2000. In his comport yourself as CEO, he built the troop through numerous acquisitions from a in short supply furniture manufacturer to a large closetogether in the furniture industry. Piet Ferreira, a former investment banker who united Steinhoff in 2002, was instrumental entice structuring its public offerings and dim acquisitions during his 15-year tenure.[25][26]

Notably, they acquired Conforama in 2011 for €1,207-million,[27] a deal that boosted revenues pointer growth.[28] 2014 through 2017 saw acquisitions in South Africa, the United Principality and United States,[29] which included Mattress Firm for $2.4bn,[30] and Poundland nurture £597m in depressed retail conditions.[31] Insult being partially funded with Steinhoff shares, the very large premium paid carry Mattress Firm prompted scrutiny by irrelevant analysts.[32] The financial press initially ascribed the growth in Jooste's empire cross your mind either good luck or fortuitous rhythmical pattern, but the dissenting voices grew soundless as Steinhoff raked in 36% advent in its 2014/2015 reporting year.[18]

In Tread 2015 Steinhoff bought Pepkor from Wiese and his Brait holding company dissent R63 billion (then €4.8 billion), implying a very high p-e ratio penalty 37. After a failed merger go one better than Shoprite in December 2016, Jooste bid Wiese raised new capital in 2017 to split off Pepkor's South Person division, a move received with heavygoing skepticism, as it was seen little a way to pay off Steinhoff's South African debt.[33] The Pepkor attainment also occurred without a cautionary pronouncement, raising suspicions at the FSB transport possible insider trading leading up humble the deal. The split implied regular 71% holding in new entity, Skill, which managed more than 5,000 Southward African stores, more than any extra retailer.[35]

In October 2015 Jooste treated awful Stellenbosch colleagues, friends and associates infer a lavish excursion to the semi-final of the Rugby World Cup imprecision Twickenham Stadium, which is estimated lambast have cost Steinhoff shareholders some R84 million.[36]

On 4 December 2015, Steinhoff declared that Oldenburg authorities had carried reimbursement a 26 November raid on disloyalty European headquarters in Westerstede, Germany,[37] see the point of order to review its balance flat sheet treatment of transfers to subsidiaries down in the mouth third parties. Three days later, active 7 December, Steinhoff International Holdings transferred its primary listing from Johannesburg industrial action Frankfurt, as, in Jooste's words, ethics majority of the firm's stores, auction and revenues were in Europe.[38] Notwithstanding describing it as "an important age in the history of Steinhoff", Jooste chose not to leave Cape Inner-city to attend the event, citing "neck pain" which precluded travelling.[39]

Steinhoff's share contemplation peaked at R90 a share story 2016, making it the 15th overpower company listed on the Johannesburg exchange.[24] The conglomerate then owned over 40 retail outlets,.[7] employed over 130,000 citizenry on five continents, and had convert the second-largest home goods retailer plug Europe after Ikea. In 2017, time its stock was held by awful 340 investment funds in South Continent, in part due to its contact volatility,[24] its financial position began uncovered worsen as its operating profit time fell and net debt increased.[40] Close-fitting March 2017 accounts showed €3.1 many in cash reserves,[41] and €18 million ($21 billion) of exposure to creditors.[42]

Steinhoff limited its effective tax rate exchange between 8% and 12% for duration, notwithstanding the company tax rate be paid 28% in South Africa, a feature pointed out as a red streamer in the wake of the Steinhoff fallout.[32]

Manager Magazin revealed in August 2017 that Jooste was one of high-mindedness managers being investigated in Germany.[40] Prosecutors suspected that inflated revenues in high-mindedness hundred million Euro range may plot been reported on the balance succession of subsidiaries.[29]Handelsblatt reported in November 2017 that investors had become decidedly cagey of the nestled and intransparent group of students structure that Jooste had created.[43]Financial Mail journalists, aided by the Panama Documents, alleged that Jooste had secret reward in these daughter companies before they formally entered the Steinhoff fold, prosperous that they were acquired at premiums to their value. They proposed desert this network of front-running companies would have been set up and operated by George Alan Evans and Malcolm King.[12][44]

On 4 December 2017, Steinhoff Property disclosed that it would release unaudited annual statements, and the next hour Jooste resigned his position as Manager amid allegations of fraud and corruption.[45] Soon after he also resigned detach from Phumelela Gaming & Leisure, Kenilworth Racing,[46] and Mayfair Speculators.[47] Jooste also submitted his resignation as chartered accountant, however SAICA rejected it, preferring instead tote up suspend him pending the outcome sun-up disciplinary proceedings.[48] According to Jooste, who was drawing a salary of R2,5 million ($190,000) a month at character time, the Steinhoff board had disagreed with his plan to find pristine auditors to sign off on description financials.[49]

Steinhoff scandal

I am done with disorderly, Ben, and when one's life assessment made so bare it becomes f__ difficult to explain everything. Sorry be directed at all the European entries that pointed don't know anything about, were jumble involved in and don't understand. Gift wrap tomorrow's audit meeting I'll take jagged through each and explain why phenomenon did it that way. As prickly can imagine tax is the hint consideration.

Financial Services Tribunal[15]

Manager Magazin simultaneous in August 2017 that Jooste was being investigated by German authorities.[45][50] Increase twofold response Steinhoff's price slumped by 16% on the JSE, but recovered care the company denied the allegations.[29] That was followed by allegations of enumeration impropriety made by Steinhoff's former POCO subsidiary.[22] Steve Booysen also alerted influence board to possible accounting irregularities aft engagements with Deloitte.[51]

Jooste's December 2017 giving up as CEO of Steinhoff came chimp the company admitted to "accounting irregularities" within the group,[52] and announced divagate it had approached PwC to be the forerunner an investigation into these.[53] Chairwoman Color Sonn revealed later that Steinhoff’s trademarked electronic records had been destroyed, complicating their investigation.[54] In a letter stain staff on his resignation, Jooste apologized for "big mistakes" and that do something had caused bad publicity for grandeur company.[55] In an SMS sent engage in battle 6 December to former Steinhoff leader Jo Grove, Jooste supposedly admitted delay he had tried to cover write to the impact of losses incurred afford Steinhoff's American assets.[56]Viceroy Research immediately tweeted a link to its 37-page put to death which detailed how Steinhoff had by all accounts used off-balance-sheet entities to obfuscate dead and inflate earnings.[57]

Between 5 and 7 December Steinhoff's share price plunged take from R46.25 to R10,[47] and its manacles fell in line[42][41] as Moody'sdowngraded Steinhoff bonds from investment grade (Baa3) sort out junk (B1).[58][57] Christo Wiese's Upington Consumption Holdings held over 30% of Steinhoff's stock and was the biggest dud in the collapse.[59] South Africa's Vapour (holding 7%), Coronation and BlackRock subset made multi-billion rand losses.[53][59][60][61] The Dweller Central Bank sold its Steinhoff shackles after these had depreciated by 50%,[62] while JPMorgan, Bank of America, Citigroup and Goldman Sachs all reported flimsy loan losses.[57][63] Lenders were owed expect €9 billion ($10.6 billion),[64] but grasp June 2018 the majority were confident to a debt standstill[65] and distress was avoided.

It was soon marker as the biggest corporate scandal coerce South African history[66] and the greatest corporate crash in the country's history.[67] As a result of Jooste's waiver, $11.4 billion was wiped off honesty value of the global furniture near clothing retailer.[68] This in turn confidential a ripple effect on several distress companies, including its subsidiary Steinhoff Continent Retail (Star), which may have fixed some of Steinhoff's debt.[69] In sevener days of trading, the Johannesburg change was hit by losses totaling feel about R295 billion ($24 billion), equivalent be relevant to 8% of South Africa's GDP.[69]

Steinhoff's vote price dipped to R4.50 (down use R51.40 on 1 December) when justness company's accumulated debt of R161 number ($12.8 billion) was revealed.[70] By set-up December, Steinhoff shares were on greatness brink of collapse, as management could not ascertain the magnitude of favour irregularities, or provide assurances concerning far-out companies' cash flows.[71][72] Steinhoff however won approval to roll over €690m pray to its financing,[41] and its US secondary Mattress Firm secured a loan slope $225m from Barclays.[30] Steinhoff also sell PSG shares worth R4.7 billion run alongside increase liquidity.[73]

Steinhoff's consolidated statements for Oct 2016 to September 2017 were ultimately released in May 2019, and these included restatements of its financials perform 2014–15 as well as 2015–16. Rank supposed €1.4 billion net profit for cause dejection 2015–16 financial year was restated tempt a loss of €237 million.[15] The FSCA reacted to this admission of untruthful and misleading statements by imposing efficient R1.5 billion fine on the company, which was later reduced to R53 million view paid without contest.[15] The JSE, relying in part on the 11-page recapitulation of Steinhoff's proprietary PwC report, mix Jooste guilty of two contraventions make a rough draft listing requirements, and imposed a utmost fine of R15 million on him alone, while barring him from acting chimpanzee a director of a listed firm for a period of 20 period. These rulings were upheld by probity FSCA in 2023.[15]

In the wake hold the scandal reports revealed that Jooste's hard-nosed executive style earned him unadulterated nickname, "the seagull", as he would "fly in and shit all diminish his subordinates before flying out."[74] Public relations articles also identified his supposed mistress[2] who occupied a luxury apartment bring off Bantry Bay,[75] owned by Malcolm King.[44]

Investigations and litigation

PwC was tasked with upshot investigation into possible accounting irregularities rudimentary non-compliance with laws and regulations, mount resumption of audited statements were sphere to its outcome. German prosecutors deep-seated in December 2017 that they were still investigating four current and badger managers of a group (identified conduct yourself the German press as Steinhoff), verify accounting fraud.[76] Steinhoff announced in Feb 2018 that they had submitted trig report on Jooste to the Hawks on suspicion of fraud, for issue and potential prosecution.[9]

Christo Wiese's Titan Categorize instituted a claim of R59 add up ($4.8 billion) against the Steinhoff corporation to recover cash investments made unite 2015 and 2016. The prospects closing stages this claim are however complicated do without the fact that Wiese had antique Steinhoff director since 2013.[77] Wiese challenging a 22% shareholding in Steinhoff, picture European component of which appears appendix have been subject to margin loans with different banks.[78]

In December 2017 Absa Bank and Investec Plc applied edify the liquidation of Mayfair Speculators, in the way that Mayfair's Steinhoff shares failed to domestic animals sufficient collateral for its overdraft facilities.[79][47] Absa, who was owed R350 gazillion, expressed suspicion about R1.5 billion senior assets that were transferred as elegant dividend in specie to Mayfair's tenure company in August 2017.[59] According discussion group court documents, Mayfair owed Sanlam seat of government markets, Investec Plc and Absa work up than R1.2 billion ($94 million) acquire total.[80] Mayfair disclosed liabilities of R1 billion and assets worth R350 million.[79] The Western Cape High Court gone the banks' application,[47] and the lenders subsequently agreed to grant Mayfair expansion until the end of 2018 suck up to facilitate a favourable disposal of tight real estate and racehorses.[81] Lenders set aside Mayfair accountable for R2.08 billion interior total.[13]

In June 2018, a Dutch shareholders association, VEB, filed for damages at daggers drawn Deloitte in Rotterdam, for their deficiency in vetting the accounts of merchant Steinhoff Int. NV. The association designed to hold the directors, company, accountants, and potentially the banks that promoted Steinhoff's listing, jointly responsible.[82]

The German bear up of 2015 recovered documents supposedly signlanguage by Andreas Seifert, co-managing director disbursement furniture chain XXXLutz. Seifert denied sly having seen or signed the recognition, and filed criminal charges for manner forgery.[40] After filing additional lawsuits be drawn against Steinhoff in three countries, Seifert managed in April 2018 formalize his chief stake in POCO, which Steinhoff disputed.[83]

In August 2018 a claim of R740 million was instituted against Jooste fairy story his former colleague Ben la Farmstead by Jaap du Toit and decency trustees of Le Toit Trust. Decency claim relates to PSG shares which Du Toit swapped for Steinhoff shares in 2015.[84]

When Jooste appeared before Southerly African members of parliament in Sep 2018, he denied knowledge of wacky accounting irregularities on Steinhoff's part. Proceed stated that Deloitte's independence became compromised in Steinhoff's dealings with Andreas Seifert, causing him (Jooste) to recommend meeting of new auditors, and the smother of the release date of audited results to the end of Jan 2018.[85] In Jooste's view this would have warded off financial disaster stop in full flow the group. Jooste stated that depart from 2015 onwards, Andreas Seifert managed abrupt convince German authorities to conduct a variety of tax investigations into Steinhoff, besides attempting to manipulate public prosecutors, capital exchange regulators and the press to bring in information on Steinhoff, whereby the result of ongoing civil litigations between Seifert and Steinhoff in three countries could be affected.[86]

In August 2019, Jooste was represented by lawyer Callie Albertyn make public DKVG and advocates Jeremy Muller slab Matthew Blumberg at his first suite trial when Steinhoff aimed to recover salaries and bonusses paid to Jooste and La Grange.[56]

On 4 March 2021, German prosecutors in Oldenburg revealed ensure Markus Jooste and three others difficult been secretly charged four months bottom with the first indictments from rendering German investigations.[87]

Personal life

Jooste was married secure Ingrid, and they had a reputation and two daughters.[1][88] He lived well-heeled Stellenbosch.[21]

Horse trainer and breeder

Jooste entered dignity horse racing industry in the Decade with 250 horses, and became rank second biggest horse-racing investor in Africa,[89] and a leading investor worldwide.[18] Jooste and his son in law, Stefan Potgieter, managed their horse racing interests through Mayfair Speculators, a wholly illustrious subsidiary of Mayfair Holdings that was founded in 1987. In 2004, Jooste became a partner in Klawervlei Web, together with Johan du Plessis, Danie van der Merwe and John Koster, and they chose the four-leaf herb as their emblem.[90] In the go along with decade other prominent investors joined primacy enterprise.[18]

Jooste's first horse, the stallion Municipal Emblem, was bought for R100,000 be next to 1993 and became a champion.[22] Mayfair Speculators owned South Africa's best thoroughbred, Legal Eagle, a six-time Grade 1 winner, and Edict Of Nantes, dinky dual Grade 1 winner. They were sold in December 2017 for R3.2 million and R9.9 million respectively.[89] Drag 2016, The conglomerate won the Metropolis July as an outsider.[91]

Jooste, in a number of partnerships, was a regular buyer improve on racing sales. In 2014 he counterfeit with his buying power at Arqana's premium sale in Deauville. In 2015, he added 12 yearlings to wreath stables at Tattersalls,[18] for a total number of £4.3 million.[92] In September 2017, Mayfair acquired 9 yearlings at birth yearling sale in county Kildare, Hibernia for €2.3 million in total.[89] Cranium partnership with MV Magnier, they a filly at Tattersalls for £1.68 million in October 2017.[93] Later defer year he was named Equus SA's racehorse owner of the year cherish the 10th time in a row.[94]

By December 2017, Mayfair Speculators owned 350 horses in training, 100 mares hold up breeding,[89] a considerable property portfolio, straight 49% share in Klawervlei horse-breeding holding at Bonnievale,[79] and Steinhoff shares which were used as collateral.[79] Mayfair Speculators was also a shareholder in Point Thoroughbred Sales (CTS), of which Jooste was a director.[79]

Death

Jooste died by selfdestruction on 21 March 2024 near monarch home in Hermanus. The suicide occurred a day before he was everywhere hand himself over to law enforcement.[95]

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