We've got news for you.

Register on BusinessLIVE at no cost to receive newsletters, read exclusive articles & more.
Register now

Markus Jooste, the billionaire face of South Africa's biggest ever corporate scandal, grew up in the world of horse racing and gambling. This week his own bets turned to dust as he was forced to resign as CEO of Steinhoff International hours before R194-billion of value - almost its entire market capitalisation - in the company he founded was sensationally wiped out. In 48 hours, household goods retailer Steinhoff's losses - against the background of an alleged accounting fraud probe by German investigators involving the value of international assets and revenue - were greater than the estimated losses to the country in the Gupta-orchestrated state capture scandal. Sygnia asset management CEO Magda Wierzycka said this was "as close to a corporate-structured Ponzi scheme as one can get''. South African civil servants whose pensions are invested through the Public Investment Corporation have lost billions. The PIC's 8.56% stake is worth just R3.6-billion today. Two weeks ago it was wo...

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 articles from our international business news partners; 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