COURT DOCUMENTS
Markus Jooste’s friend forewarned of Steinhoff share collapse
06 August 2019 - 05:10
In new details that could potentially nail Markus Jooste for insider trading, court papers show that the former Steinhoff CEO advised his associate to sell the global retailer’s stock six days before the company revealed what later turned out to be a multibillion-rand fraud that sent its shares crashing.
Once a must-have in fund managers’ portfolios, Steinhoff is in the middle of rebuilding its reputation and cleaning up its balance sheet after finding a €7.4bn (about R124bn) hole in its accounts, which all but wiped out shareholder equity and left it scrambling for working capital...
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