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I was not aware of any accounting irregularities, says former Steinhoff CEO, Markus Jooste

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Steinhoff executives responsible for fraud have been named

Former Steinhoff CEO Markus Jooste has distanced himself from the accounting scandal which rocked the firm last year.

The former Chief Executive Officer (CEO) of Steinhoff International Markus Jooste has told parliament that he had no idea about the accounting misdeeds that had been exercised at the firm.

Jooste appeared before various parliamentary committees, including public accounts and finance on Wednesday, 5 September 2018, to give answers in relation to the accounting scandal which rocked the company in December 2017.

The former chief executive was forced to resign in the wake of the scandal, which saw the company’s market value plummet by an estimated R200 billion in market value.

Jooste has told the various committees that he had no clue as to what accounting irregularities they had been talking about.

“I must place on record that when I left Steinhoff on the 4th of December, I was not aware of any accounting irregularities they are referring to,” he said.

Jooste said he had left the company in good shape and could not comment on what had transpired following his departure.

This is contrary to what the conglomerate’s former Chief Financial Officer (CFO) Ben la Grange, had to say. La Grange appeared before the very same committees a week before and pointed the finger at Jooste, saying he became aware of any wrongdoing only days before the crisis erupted.

La Grange stepped down a month after Jooste in January, but remained with the company as a consultant until August.

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