The Regional Court of Oldenburg issued the warrant about two weeks ago. MarkusJooste Steinhoff Read more here 👇
Manager MagazinFollowing the publication of these allegations, Steinhoff’s stock price experienced a temporary decline of 16% on the Johannesburg Stock Exchange, although it recovered after the company denied the charges.
Jooste thereafter stepped down as the CEO of Steinhoff in December 2017, after the company acknowledged “accounting irregularities” within the group and announced its decision to engage PricewaterhouseCoopers to conduct an investigation. In a letter addressed to the company’s staff upon his resignation, Jooste expressed remorse for the “serious errors” he had made and acknowledged the negative impact his actions had caused to the company’s reputation.Furthermore, in an SMS sent to former Steinhoff director, Jo Grove, on 6 December, Jooste allegedly admitted to attempting to conceal the losses incurred by Steinhoff’s American assets.
The trial against Markus Jooste was scheduled to commence on 18 April in Germany, but due to his failure to appear, the proceedings could not proceed. Steinhoff, which has been grappling with financial challenges for over five years since auditors refused to approve its accounts, continues to face ongoing difficulties.
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