The South African Reserve Bank (SARB) has seized assets belonging to former Steinhoff CEO Markus Jooste.
This comes five years after severe financial misconduct at global holding company Steinhoff International became one of South Africa’s largest corporate scandals.
A PwC audit on the company showed that former executives, including Jooste, inflated the profits of the company as well as the value of its assets. PwC further found that the fraud amounted to over R100 billion as executives used irregular fictitious transactions to their benefit in collaboration with third-party companies.
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