20°C / 22°C
  • Tue
  • 32°C
  • 14°C
  • Wed
  • 30°C
  • 13°C
  • Thu
  • 31°C
  • 13°C
  • Fri
  • 32°C
  • 14°C
  • Sat
  • 33°C
  • 19°C
  • Sun
  • 34°C
  • 16°C
  • Tue
  • 22°C
  • 13°C
  • Wed
  • 23°C
  • 14°C
  • Thu
  • 23°C
  • 15°C
  • Fri
  • 23°C
  • 15°C
  • Sat
  • 22°C
  • 15°C
  • Sun
  • 21°C
  • 14°C
  • Tue
  • 33°C
  • 15°C
  • Wed
  • 32°C
  • 15°C
  • Thu
  • 32°C
  • 14°C
  • Fri
  • 33°C
  • 15°C
  • Sat
  • 35°C
  • 16°C
  • Sun
  • 36°C
  • 19°C
  • Tue
  • 31°C
  • 16°C
  • Wed
  • 31°C
  • 14°C
  • Thu
  • 33°C
  • 15°C
  • Fri
  • 34°C
  • 16°C
  • Sat
  • 34°C
  • 16°C
  • Sun
  • 36°C
  • 18°C
  • Tue
  • 23°C
  • 18°C
  • Wed
  • 25°C
  • 16°C
  • Thu
  • 27°C
  • 18°C
  • Fri
  • 27°C
  • 17°C
  • Sat
  • 30°C
  • 19°C
  • Sun
  • 26°C
  • 20°C
  • Tue
  • 20°C
  • 13°C
  • Wed
  • 21°C
  • 12°C
  • Thu
  • 24°C
  • 14°C
  • Fri
  • 22°C
  • 16°C
  • Sat
  • 21°C
  • 17°C
  • Sun
  • 21°C
  • 16°C
  • Tue
  • 27°C
  • 11°C
  • Wed
  • 31°C
  • 13°C
  • Thu
  • 32°C
  • 18°C
  • Fri
  • 29°C
  • 17°C
  • Sat
  • 25°C
  • 15°C
  • Sun
  • 24°C
  • 12°C
  • Tue
  • 20°C
  • 13°C
  • Wed
  • 25°C
  • 14°C
  • Thu
  • 26°C
  • 16°C
  • Fri
  • 24°C
  • 16°C
  • Sat
  • 21°C
  • 15°C
  • Sun
  • 19°C
  • 13°C
  • Tue
  • 34°C
  • 17°C
  • Wed
  • 32°C
  • 18°C
  • Thu
  • 33°C
  • 16°C
  • Fri
  • 34°C
  • 16°C
  • Sat
  • 36°C
  • 18°C
  • Sun
  • 37°C
  • 19°C
  • Tue
  • 31°C
  • 17°C
  • Wed
  • 33°C
  • 14°C
  • Thu
  • 33°C
  • 16°C
  • Fri
  • 33°C
  • 17°C
  • Sat
  • 34°C
  • 16°C
  • Sun
  • 35°C
  • 17°C
  • Tue
  • 28°C
  • 14°C
  • Wed
  • 28°C
  • 13°C
  • Thu
  • 29°C
  • 11°C
  • Fri
  • 32°C
  • 10°C
  • Sat
  • 34°C
  • 13°C
  • Sun
  • 37°C
  • 15°C
  • Tue
  • 23°C
  • 13°C
  • Wed
  • 24°C
  • 13°C
  • Thu
  • 25°C
  • 16°C
  • Fri
  • 22°C
  • 16°C
  • Sat
  • 22°C
  • 15°C
  • Sun
  • 21°C
  • 13°C

Steinhoff’s former CEO Jooste gets creditor reprieve

The out-of-court settlement comes after lenders Investec, ABSA and financial group Sanlam had turned to the Cape High Court to liquidate one of the entities that hold Markus Jooste’s wealth.

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

CAPE TOWN - The former chief executive of crisis-hit retailer Steinhoff has agreed to settle a $120 million civil claim against his company by three lenders by December, lender Absa said on Wednesday.

Markus Jooste, who is under fraud investigation by the South Africa police, resigned in December when Steinhoff uncovered accounting irregularities that sent its share price crashing.

The out-of-court settlement comes after lenders Investec, ABSA and financial group Sanlam had turned to the Cape High Court to liquidate one of the entities that hold Jooste’s wealth in a bid to recoup their money.

The entity, known as Mayfair Speculators, asked lenders to give it until December to raise money through asset sales to pay back what it owes, said Absa spokeswoman Phumza Macanda.

Court papers show that Mayfair owes Absa around R226 million, Sanlam Capital Markets around R800 million and Investec roughly R250 million.

Comments

EWN welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

- Racism (including offensive comments based on ethnicity and nationality)
- Sexism
- Homophobia
- Religious intolerance
- Cyber bullying
- Hate speech
- Derogatory language
- Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the EWN community a safe and welcoming space for all.

EWN reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

EWN is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

comments powered by Disqus