Disgraced former Steinhoff💰 CEO Markus Jooste fails to appear in a German court on fraud charges ⚖️because he can't find his passport ✈️😒 Steinhoff markusJooste TheCitizenNews Catch up here⬇️
With regard to Jooste’s failure to appear in court, the trial judges will decide what to do about that, and a decision is expected in the next few weeks.Two former Steinhoff executives Dirk Schreiber and Siegmar Schmidt – both former managing directors of Steinhoff Europe Group Services and Tau Enterprises – also face their own court case over the accounting fraud scandal.Schreiber and Schmidt’s case is expected to start next month.
The accounting scandal emerged in late 2017, after Jooste resigned amid an investigation into accounting irregularities. At the time, Steinhoff’s share price plunged by 90% in a week, wiping over R200 billion off the Johannesburg Stock Exchange ., transactions were allegedly used to manipulate Steinhoff’s balance sheets. The value of the company’s real estate assets was also allegedly inflated by 820 million euros.
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