Fedusa: Jooste needs to go to jail for a long, long time

Steinhoff lost more than 60% of its stock value on the JSE last year after former CEO Markus Jooste stepped down amid allegations of so-called accounting irregularities and fraud.

FILE: Former Steinhoff CEO Markus Jooste. Picture: Gallo Images/Financial Mail/Jeremy Glyn

JOHANNESBURG - The Federation of Unions of South Africa (Fedusa) says that former Steinhoff CEO Markus Jooste should go to jail for a long time for his underhanded dealings.

The global retailer lost more than 60% of its stock value on the JSE last year after Jooste stepped down amid allegations of so-called accounting irregularities and fraud.

Fedusa had requested access to inspect Steinhoff's records and says that it appears that when a company didn't perfom well, Steinhoff would inflate the figures.

The union's Dennis George: "As far as South African records were concerned, there was not an issue. The issue came with central Europe. That's the reason why we insisted they should lay criminal steps against him for fraud and corruption. That is something they did and now we want the Hawks to investigate because I think this guy [Jooste] must go to jail for a long, long time."

Steinhoff International Holdings also says that a review by auditors at PWC will focus on certain off-balance sheet structures and deals where some assets and revenue are likely to be overstated.