In December 2017, Markus Jooste wrote: "Hi there. Firstly I would like to apologise for the all the bad publicity I caused the Steinhoff company the last couple of months. Now I have caused the company further damage by not being able to finalise the year-end audited numbers and I made some big mistakes . Please continue to live the Steinhoff dream and I must make it very clear none of Danie, Ben, Stehan and Mariza had anything to do with any of my mistakes." After killing "the Steinhoff dream" he fled from the mess he had created. This week's testimony by former CFO Ben la Grange, who, according to Jooste, "had nothing to do with any of the mistakes", began to shed some light on the events that led to the erosion of an estimated R190bn worth of value and an obliteration of hard-earned investment rands on behalf of pensioners. As I watched parts of La Grange's testimony, it became clear to me that one of two things happened here. Either Jooste was so smart, so conniving, and such an...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.