Almost 2000 days after Steinhoff’s near-collapse wiped out R200 billion in the savings of pension fund members and other investors, Markus Jooste will finally go on trial this week.
According to report, News24 will be in the courtroom in Oldenburg, Germany, as the long-awaited legal proceedings get under way. The trial will shed light on South Africa’s largest-ever corporate fraud, with Jooste accused of massive accounting deceit and insider trading, among other allegations.
In Germany, he is facing five counts of accounting fraud for the period from 2011 and 2014. The 62-year-old’s defence in the Oldenburg court should reveal much about how he plans to counter the raft of criminal and civil actions against him in South Africa. The stakes already cannot be higher for Jooste: if found guilty in Oldenburg, he could face jail time.
Coverage credit | News24 in partnership with Truth First