SAICA suspends the membership of former Steinhoff CEO Markus Jooste

SAICA suspends the membership of former Steinhoff CEO Markus Jooste

- The SAICA says it has suspended Markus Jooste's membership

- This comes after the body rejected Jooste's resignation

- SAICA says Jooste will remain suspended until the disciplinary inquiry against him is finalised

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The South African Institute of Chartered Accountants (SAICA) has suspended Markus Jooste's membership.

The suspension will remain in effect until disciplinary proceedings against Jooste are completed. 

Jooste is the former CEO of Steinhoff, which has been accused of irregularities and dodgy financial dealings.

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Jooste reportedly handed in his resignation to the SAICA, but the institute rejected it and suspended him instead, has gathered. 

This comes as Steinhoff is under investigation related to accusations of financial irregularities. Several senior figures at the company allegedly engaged in illegal practices in order to artificially inflate Steinhoff's profits and asset values. When these irregularities came to light, Steinhoff's share prices plummeted by 66% and went on to fall by 90% in total. 

As a result, SAICA has launched a disciplinary inquiry into Jooste. The Institute added that Jooste will not be able to avoid this inquiry by resigning from SAICA, according to IOL.

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SAICA says it has communicated this to Jooste via his lawyers. The body added that it has rules and regulations in place aimed at ensuring that its members face fair and independent disciplinary inquiries.

Jooste has not yet publicly responded to SAICA's decision.

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