Amabhungane uncovers former Steinhoff CEO Markus Jooste’s secret stakes

A recent exposé by Amabhungane and the Financial Mail has shed light on the alleged dodgy dealings of former Steinhoff CEO, Markus Jooste. The investigation reveals a complex web of offshore front companies owned by Jooste, through which he conducted transactions for his personal gain. These dealings are said to date back well before the 2017 accounting scandal that rocked the company and even predate Steinhoff's listing. One of the key findings of the investigation was Jooste's modus operandi, which involved self-dealing and front running. This scheme saw Jooste entering into deals with parties who purported to be independent but were, in fact, working to benefit him, his friends, and even the Steinhoff family. Despite the intricate nature of these transactions, questions have been raised about their legality. While the final judgment on the matter lies with the courts and regulators, the lack of disclosure and response from Jooste and the implicated parties raises concerns. The investigation also delves into the relationships between Jooste and individuals like Mr. Evans and Mr. King. Mr. Evans, who ran a company specializing in setting up offshore entities, played a crucial role in concealing the true ownership of these companies for Jooste and the Steinhoff family. On the other hand, Mr. King, a businessman with interests in property, partnered in deals with Jooste and was allegedly involved in front running activities on Jooste's behalf. The links between Jooste, Evans, and King illuminate the depths of the clandestine dealings that have now come to light. The article has raised questions not only for Jooste but also for current Steinhoff directors, including Angela Kruger, who are implicated in benefiting from these shadowy transactions. Despite efforts to reach out to Steinhoff and the individuals involved before the article's publication, responses have been elusive. The investigative spotlight on Steinhoff continues to grow, with auditors now scrutinizing the company's operations. As more details emerge, it is clear that this is just the beginning of revelations surrounding the corporate intrigue at Steinhoff. The unfolding saga underscores the importance of transparency and accountability in the corporate world, reminding stakeholders of the need for robust oversight and ethical practices.