How did Markus Jooste lose his billions?
Who is this man, until days ago regarded as a near-genius entrepreneur, whose reputation now lies in tatters?
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...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.