Rob Rose Editor: Financial Mail

There were, as you might imagine, some rather alarming features in Markus Jooste’s response to Steinhoff’s legal bid to claw back R850m paid to him in salaries and bonuses while he was CEO. But what stood out, in particular, was Jooste’s gobsmacking response to Steinhoff’s claim that those payments had hinged on the "sound and successful financial performance" of the company.

Steinhoff had argued in its precedent-setting legal action — quite logically, you’d imagine — that "approval of long-term incentives would not have been sought at AGMs … in the absence of sound and successful financial performance" of the furniture retailer...

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, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now