German court to put Markus Jooste on trial - The former Steinhoff chief executive is among four accused indicted by the regional court in Oldenburg
chief executive Markus Jooste, two former directors of companies in the Steinhoff group and the trustee of a company in the Virgin Islands on charges of accounting fraud, the office of the public prosecutor in Oldenburg said on Friday.
Jooste is not named in a media statement issued by the prosecutor’s office, but is referred to as the 61-year-old former CEO of Steinhoff International Holdings until 2017, and representative of Steinhoff Europe AG, based in Austria, and Steinhoff Europe Group Services GmbH, based in Westerwede in Lower Saxony.
The two accused who live in Germany are identified as former executives at Steinhoff Europe Group Services and Steinhoff sister company Tau Enterprises, which was central to the inflating of profits at the global retail giant. The value of that company’s fixed assets was overstated by more than €800 million in 2014, the prosecutor’s office said.
One of the former managing directors of Steinhoff will face charges of committing credit fraud by knowingly submitting incorrect financial statements when applying for bank loans. This pertained to two bank loans of €680 million and €250 million secured respectively in 2015 and 2016.
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