German court details charges against Markus Jooste
Former Steinhoff CEO said to have used fictitious deals and network of companies to conceal losses in subsidiaries
19 April 2023 - 20:28
Former Steinhoff CEO Markus Jooste insists that European subsidiary companies produced specific earnings figures from 2011 and 2013 to assist him to manipulate the Steinhoff books. Profits of certain divisions were decided ahead of time.
A press release from the Oldenburg regional court details how Jooste used a network of companies and fictitious transactions that were difficult to comprehend to conceal losses in subsidiaries. He and some of his managers also excessively inflated property asset values. This inflated profit at Steinhoff Europe...
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