People hardest hit by Markus Jooste’s Steinhoff fraud picking up the pieces in wake of his death

JOHANNESBURG - People hardest hit by the accounting fraud committed by disgraced Steinhoff CEO, Markus Jooste, said they were still picking up the pieces.

Jooste died by suicide near his lavish Hermanus home in the Western Cape in March.

ALSO READ:

- NPA 'hugely disappointed' Markus Jooste won't get his day in court

- Parliament did its best to hold Steinhoff accountable for fraud – Carrim

- FSCA says Jooste's death won't impact ongoing investigation

He died before he could answer to claims that he orchestrated the biggest financial scandal in the history of the Johannesburg Stock Exchange (JSE).

Jooste’s alleged co-conspirators now have to face the music alone, including top executives accused of inflating the retailer’s profit and assets.

Described as the most breathtaking financial disaster on the JSE in democratic South Africa, the downfall of Steinhoff is a tale of lies, deceit, and corporate misconduct. 

The unravelling of the retail multinational corporate began in 2017. 

At the time, it was simply downplayed as accounting irregularities in the company’s financial statements. This later escalated to fraud that cost investors at least R200 billion.

Retail tycoon Christo Wiese, who had a stake in the business, is among those who lost out big, but he said he’s picking up the pieces.

“I decided to carry on with my life and not necessarily try to recoup the money I lost, but to stay busy and try to continue to make a contribution.”

Chief investment officer at Benguela Fund Managers, Zwelakhe Mnguni, said tighter controls were needed to prevent another scandal of this magnitude.