The South African Reserve Bank (SARB) links former Steinhoff CEO Markus Jooste to R4.836-billion worth in contraventions of the Exchange Control Regulations. The SARB argues Jooste used companies in the Steinhoff group as well as his racehorse company ...
on Markus Jooste’s favourite shell game — the movement and dissipation of valuable assets.
Because ex parte orders are secretive and therefore sometimes draconian in nature, courts only grant these in circumstances where it can be proven that the subject of such an order — Jooste, in this instance — may remove assets and destroy evidence with the benefit of knowledge of an investigation against them.
This article explores the SARB’s arguments before court which focus on three Notices of Attachment against Jooste, Silveroak Trust and Lanzerac Estate Investments. In the process, investors — ranging from small retail investors to major shareholders like the Government Employees’ Pension Fund and billionaire businessman Christo Wiese — collectively lost more than R200-billion.
Detailed reasons were not disclosed to the court, but to prove its case, the SARB’s Deputy Governor, Fundi Tshazibana, on 1 September 2022 signed three Notices of Attachment:The SARB investigators argued that “reasonable grounds” exist to suspect that Silveroak Trust has been “enriched” by about R127.5-million as a result of the contravention of the regulations by racing company Mayfair Speculators.
“Reasonable grounds” exist to suspect that Lanzerac Estate Investments committed at least three glaring contraventions of the regulations and was enriched as a result of these transgressions, the SARB investigators argue. Steinhoff At Work Pty Ltd provided false information to the SARB, investigators said, which resulted in incorrect declarations about a R376-million payment received from Steinhoff Alpha. This is a contravention of the Regulations “committed primarily by Steinhoff At Work as facilitated by, inter alia, [Jooste]”, investigators said;
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