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Steinhoff: Jooste, La Grange to be summonsed to appear in Parly

Parliament’s Standing Committee on Finance wants Jooste and La Grange to answer questions about gaps in the financial regulatory framework that might have caused the Steinhoff debacle.

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

CAPE TOWN - Former Steinhoff CEO Markus Jooste and its former CFO Ben La Grange are set to be summonsed to appear before Parliament’s Standing Committee on Finance.

National Assembly Speaker Baleka Mbete gave the green light on Tuesday after taking legal advice.

The finance committee is inquiring into the reasons for the sudden collapse of the global retailer’s share price in December last year.

Parliament’s Standing Committee on Finance wants Jooste and La Grange to answer questions about gaps in the financial regulatory framework that might have caused or helped give rise to the Steinhoff debacle.

Jooste has so far told the committee through his lawyers that it wouldn’t be in his best interests to appear before the committee.

Now he and La Grange are set to be summonsed to come before it on Wednesday next week.

Parliament says the committee’s inquiry is neither a criminal investigation nor one aimed at establishing civil liability of Steinhoff or its employees.

Steinhoff’s share-price collapse saw investors and pension funds lose billions of rands.

A statement released on says: “The committee is planning to summon the former CEO and CFO of Steinhoff to focus on institutional flaws and challenges existing in our financial regulatory framework or any implementation challenges in our financial regulatory framework, which might have caused or given rise to the Steinhoff debacle.”