Ex Steinhoff boss Markus Jooste on accounting irregularities, his losses, who's to blame
It wasn’t me, I am not to blame, ex-Steinhoff boss Markus Jooste told South African law makers who are trying to get to the bottom of the biggest corporate scandal in South Africa's history that's lost a lot of people a lot of money.
Wed, 05 Sep 2018 15:55:20 GMT
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AI Generated Summary
- Jooste denies awareness of accounting irregularities during his tenure at Steinhoff and attributes the financial losses to strategic mistakes made in the past.
- Personal losses for Jooste due to Steinhoff's collapse amount to roughly three billion rand, but he expresses more concern about the company's future and investor confidence.
- Jooste emphasizes his lack of involvement in ongoing investigations and states that any accountability will be determined by the reports' findings.
Former Steinhoff CEO, Markus Jooste, made headlines today as he appeared before South African lawmakers to provide his testimony regarding the accounting irregularities and financial losses that have plagued the company. Jooste opened his statement by boldly declaring, 'It wasn't me and I am not to blame,' setting the tone for his defense against accusations of wrongdoing in one of the biggest corporate scandals in South Africa's history.
Refuting allegations of being aware of any accounting irregularities during his tenure at Steinhoff, Jooste claimed that he only became informed about the board's decision to appoint a new investigation after he had already stepped down as CEO on December 4th. He admitted to making mistakes in the past, specifically referencing a failed strategic partnership in 2007 that he believed had contributed to the company's financial losses and the subsequent perception of accounting irregularities. Jooste also emphasized his belief in the application of the company's code of conduct to all staff members and maintained that he was not aware of any deliberate violations during his time at Steinhoff.
When questioned about his personal losses as a result of Steinhoff's collapse, Jooste revealed that his family trust held 68 million Steinhoff shares at the time of the company's demise, amounting to roughly three billion rand in losses. Despite the significant financial impact on his personal holdings, Jooste expressed more concern about the company's future and the need for investor confidence than his own financial losses.
In response to inquiries about the ongoing investigations and his role in them, Jooste stated that he was unaware of the scope or outcomes of the processes, emphasizing that any accountability would be determined by the reports' findings.
The former CEO's testimony shed light on his perspective regarding the events leading up to Steinhoff's collapse and the decisions he made in response to the unfolding crisis. Jooste's adamant denial of blame and his focus on the company's future highlight the complexity of the situation and the challenges faced by both the company and its stakeholders in the aftermath of the scandal.
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