Former Steinhoff CEO Markus Jooste to Face Fraud Charges in Germany, Mzansi Slams the NPA for Not Charging Him

• The German courts have decided to prosecute former Steinhoff CEO Markus Jooste for the accounting fraud he committed at the company
• Jooste and three others are accused of falsifying information on balance sheets which resulted in the loss of billions of rands
• South Africans are upset that the National Prosecuting Authority has not charged Jooste for his crimes and is letting foreign courts do their job

JOHANNESBURG - Former Steinhoff CEO Markus Jooste's legal problems are far from over, and he is about to face accounting fraud charges in Germany. South Africans are now upset with the latest development.

The trial date has not been set yet, but it is believed that the court proceedings will kick off in 2023. Steinhoff is a multinational holding company dual-listed in Germany and South Africa.

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According to SundayTimes, German authorities filed charges against Jooste and three other former managers at Steinhoff in March 2021 for balance sheet fraud.

They are accused of manipulating the balance sheet and including fraudulent transactions valued at more than 1.5 billion euros (R27 billion). The group is also charged with over-valuing real estate by 820 million euros (R14.8 billion).

The Steinhoff fraud was exposed in 2017 when auditors refused to sign off the company's books. According to News24, it was later revealed that the fraud took place between July 2011 and January 2015.

Jooste has not been charged in South Africa for his crimes, but the National Prosecuting Authority says it is working with the Hawks to investigate the matter.

South Africans are unhappy that the NPA is taking its time to charge Jooste and his accomplices and had this to say:

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@Thembin97559191 said:

"Meanwhile, on this side NPA's twiddling and scared to do the right thing. Glencore, too got a free pass from Zondo's unjust commission."

@Carola45683 said:

"It’s about time something happened on this front!"

@anon_a_mouse1 said:

"Germany doing what the NPA fails to do."

@Im_Pacho said:

"He defrauded South Africans. He should serve his time this side."

@GriffinForGold said:

"He stole from the rich. He will pay. Pity his followers."

@leratot11 said:

"How can he go on trial in a foreign country and completely bypass the laws of his own? When is he going on trial here because he is still living lavishly?"

Shamed Steinhoff CEO Jooste's Lanzerc wine estate, luxury cars, and billions in assets seized by Reserve Bank

Briefly News previously reported that the South African Reserve Bank (SARB) has gone after former Steinhoff CEO Markus Jooste's billion rand assets portfolio.

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The assets seizure comes after the Western Cape High Court granted the SARB an urgent ex parte order allowing for the attachment of assets with realisable value.

According to Daily Maverick, Jooste is accused of money laundering at the global holding company Steinhoff International with SARB linking the former CEO to R4.8 billion worth of contraventions of the Exchange Control Regulations.

Source: Briefly News