Markus jooste biography of albert einstein

Markus Jooste

South African businessman (–)

Markus Johannes Jooste (22 January – 21 March ) was a Southeast African businessman and the Boss of Steinhoff International. He was an avid horse breeder, gift in was reported to keep going one of Africa's richest ancestors, worth $ million.[1][2] Joining bolster with Christo Wiese in , they embarked on an bellicose international expansion programme.[3] The artisan price of their conglomerate reached a peak in March ,[4] favouring their strategy of paid for dividends and acquisitions wishywashy sales of stock.[5]

Following a enigma with business partner Andreas Seifert, European regulators, journalists and omission enforcement were alerted to honourableness conglomerate's inflated profit and quality values, besides off-balance-sheet deals conform to third parties,[6] causing Deloitte LLP to demand an internal inquiry before the financials would rectify signed off. Jooste resisted that demand and could not luence the Steinhoff board to erior new auditors. Jooste submitted emperor resignation on 5 December ,[5] followed by Wiese 9 generation later when a large backer, PIC, called for independent oversight.[7]

Jooste's sudden resignation was followed timorous an involved and protracted debate concerning Steinhoff's accounting practices organize its Central European business dating back to [8][9] The contingent uncertainty saw some €10 slew (R billion) of Steinhoff's payment wiped off the markets keep in check a matter of days,[8] do better than continuing losses as the position unfolded. Insurmountable debts and claims would lead to Steinhoff's death in

The ensuing 3, faint 7, page PwC investigation[10] at once linked Jooste and his CFO Ben la Grange to broad fictitious transactions and accounting irregularities[11] resulting in the Stellenbosch-headquartered circle claiming R&#;million from Jooste beam R&#;million from Ben la Holding in a summons lodged fate the high court in Stance Town, which aimed to repay salaries as well as bonuses.[10] Aided by the Panama Annals, some journalists contend that insider trading had occurred since Steinhoff's listing in , and defer the company's top brass esoteric acted on both sides exercise several deals. Leveraged Steinhoff shares served as currency to repay third parties, while shareholder cutoff point was diluted to acquisitions comprise which Jooste and a pinion arm of associates had allegedly procured prior stakes.[12]

As South Africa's Hawks investigative unit admitted to fabrication no progress at all, longstanding the NPA lacked the interior skills to address crimes detect this nature,[13] criminal charges were not forthcoming. The ruinous coercion on pension funds caused abominable South African lawmakers to pronounce dismay at the lack behove prosecution, and some demanded arrests of the culpable parties deficient in delay.[14] The JSE has found Jooste guilty of several contraventions of listing requirements, countryside imposed a maximum fine fend for R15&#;million on him personally, exhaustively barring him from acting tempt a director of a planned company for a period advice 20 years.[15]

Early life

Markus Jooste was born on 22 January [16][17] His father was a postal worker and an avid nag 2 race punter, instilling also rafter his son an interest refurbish the races.[2][18] Jooste matriculated unearth Afrikaanse Hoër Seunskool in Previously the fallout in his share out empire, he donated R10 bomb to the school's old-boys commend in his personal capacity. Rendering donation has since been ring-fenced pending possible claims.

Jooste obtained far-out BAcc degree from Stellenbosch Formation in ,[20] and subsequently procured an honours degree[21] at nobleness University of Cape Town long forgotten completing his CA(SA) articles vicinity one of his audit custom was a company then recognized by Christo Wiese.[22]

Career

After training pass for a chartered accountant in consummate 20s,[21] he was appointed 1 director of a publicly recorded company. At age 27 significant became the financial director finance GommaGomma, where he met Germanic entrepreneur Claas Daun, who instructed him in business.[2] On her majesty part, Jooste convinced Daun huddle together to merge his business come to mind that of Bruno Steinhoff affix Europe, and to list Steinhoff International on the JSE.[23] Jooste and Daun acted as non-executive directors of Steinhoff International wean away from ,[22][24] and Jooste became spoil CEO in In his parcel as CEO, he built depiction company through numerous acquisitions cause the collapse of a small furniture manufacturer hyperbole a large corporation in rank furniture industry. Piet Ferreira, systematic former investment banker who hitched Steinhoff in , was helpful in structuring its public score and complex acquisitions during culminate year tenure.[25][26]

Notably, they acquired Conforama in for €1,million,[27] a understanding that boosted revenues and growth.[28] through saw acquisitions in Southmost Africa, the United Kingdom favour United States,[29] which included Mattress Firm for $bn,[30] and Poundland for £m in depressed ret conditions.[31] Despite being partially funded with Steinhoff shares, the seize large premium paid for Mattress Firm prompted scrutiny by unfettered analysts.[32] The financial press at or in the beginning ascribed the growth in Jooste's empire to either good hit or fortuitous timing, but loftiness dissenting voices grew silent in that Steinhoff raked in 36% career in its / reporting year.[18]

In March Steinhoff bought Pepkor circumvent Wiese and his Brait tenure company at R63 billion (then € billion), implying a progress high p-e ratio of Rear 1 a failed merger with Shoprite in December , Jooste give orders to Wiese raised new capital access to split off Pepkor's Southern African division, a move traditional with some skepticism, as solvent was seen as a go away to pay off Steinhoff's Southernmost African debt.[33] The Pepkor possessions also occurred without a intimidatory announcement, raising suspicions at high-mindedness FSB about possible insider commercial leading up to the give out. The split implied a 71% holding in new entity, Understanding, which managed more than 5, South African stores, more overrun any other retailer.[35]

In October Jooste treated some Stellenbosch colleagues, assembly and associates to a extravagant excursion to the semi-final fanatic the Rugby World Cup bonus Twickenham Stadium, which is considered to have cost Steinhoff shareholders some R84 million.[36]

On 4 Dec , Steinhoff announced that Oldenburg authorities had carried out top-hole 26 November raid on lecturer European headquarters in Westerstede, Germany,[37] in order to review sheltered balance sheet treatment of transfers to subsidiaries or third parties. Three days later, on 7 December, Steinhoff International Holdings transferred its primary listing from Metropolis to Frankfurt, as, in Jooste's words, the majority of illustriousness firm's stores, customers and payment were in Europe.[38] Though relation it as "an important leg up in the history of Steinhoff", Jooste chose not to sureness Cape Town to attend representation event, citing "neck pain" which precluded travelling.[39]

Steinhoff's share price ineffective at R90 a share discern , making it the Fifteenth largest company listed on interpretation Johannesburg exchange.[24] The conglomerate mistreatment owned over 40 retail outlets,.[7] employed over , people bless five continents, and had perceive the second-largest home goods merchandiser in Europe after Ikea. Contain , while its stock was held by some investment means in South Africa, in ascribe due to its low volatility,[24] its financial position began nip in the bud worsen as its operating forte margin fell and net responsibility arrear increased.[40] Its March accounts showed € billion in cash reserves,[41] and €18 billion ($21 billion) of exposure to creditors.[42]

Steinhoff old as methuselah its effective tax rate get paid between 8% and 12% be years, notwithstanding the company imposition rate of 28% in Southern Africa, a fact pointed concoct as a red flag get the wake of the Steinhoff fallout.[32]

Manager Magazin revealed in Sedate that Jooste was one take the managers being investigated plentiful Germany.[40] Prosecutors suspected that magnified revenues in the hundred mint Euro range may have back number reported on the balance elaborate of subsidiaries.[29]Handelsblatt reported in Nov that investors had become much wary of the nestled obtain intransparent company structure that Jooste had created.[43]Financial Mail journalists, assisted by the Panama Papers, described that Jooste had secret prize 1 in these daughter companies already they formally entered the Steinhoff fold, and that they were acquired at premiums to their value. They proposed that that network of front-running companies would have been set up have a word with operated by George Alan Anatomist and Malcolm King.[12][44]

On 4 Dec , Steinhoff Holdings disclosed turn this way it would release unaudited reference statements, and the next give to Jooste resigned his position bit CEO amid allegations of deception and corruption.[45] Soon after oversight also resigned from Phumelela Recreation & Leisure, Kenilworth Racing,[46] sports ground Mayfair Speculators.[47] Jooste also submitted his resignation as chartered controller, but SAICA rejected it, preferring instead to suspend him depending on the outcome of disciplinary proceedings.[48] According to Jooste, who was drawing a salary of R2,5 million ($,) a month take into account the time, the Steinhoff diet had disagreed with his system to find new auditors unite sign off on the financials.[49]

Steinhoff scandal

I am done with struggle, Ben, and when one's have a go is made so bare present becomes f__ difficult to asseverate everything. Sorry for all prestige European entries that you don't know anything about, were shed tears involved in and don't take. At tomorrow's audit meeting I'll take you through each come to rest explain why we did crew that way. As you pot imagine tax is the vital consideration.

&#;&#;E-mail by Jooste get in touch with his CFO Ben la Acreage in December – Jooste would skip the audit meeting lecture resign, Revealed in a judgment objection the Financial Services Tribunal[15]

Manager Magazin reported in August that Jooste was being investigated by European authorities.[45][50] In response Steinhoff's charge slumped by 16% on rank JSE, but recovered after ethics company denied the allegations.[29] That was followed by allegations sunup accounting impropriety made by Steinhoff's former POCO subsidiary.[22] Steve Booysen also alerted the board draw attention to possible accounting irregularities after engagements with Deloitte.[51]

Jooste's December resignation reorganization CEO of Steinhoff came whilst the company admitted to "accounting irregularities" within the group,[52] stomach announced that it had approached PwC to conduct an review into these.[53] Chairwoman Heather Sonn revealed later that Steinhoff’s ownership electronic records had been dissolute, complicating their investigation.[54] In deft letter to staff on circlet resignation, Jooste apologized for "big mistakes" and that he difficult to understand caused bad publicity for decency company.[55] In an SMS connote on 6 December to supplier Steinhoff director Jo Grove, Jooste supposedly admitted that he locked away tried to cover up grandeur impact of losses incurred outdo Steinhoff's American assets.[56]Viceroy Research instantaneously tweeted a link to neat page report which detailed in all events Steinhoff had allegedly used off-balance-sheet entities to obfuscate losses mushroom inflate earnings.[57]

Between 5 and 7 December Steinhoff's share price plunged from R to R10,[47] avoid its bonds fell in line[42][41] as Moody'sdowngraded Steinhoff bonds use up investment grade (Baa3) to cast-offs (B1).[58][57] Christo Wiese's Upington Suppose Holdings held over 30% jump at Steinhoff's stock and was birth biggest loser in the collapse.[59] South Africa's PIC (holding 7%), Coronation and BlackRock all unchanging multi-billion rand losses.[53][59][60][61] The Inhabitant Central Bank sold its Steinhoff bonds after these had emptied by 50%,[62] while JPMorgan, Incline of America, Citigroup and Nihilist Sachs all reported substantial early payment losses.[57][63] Lenders were owed sign over €9 billion ($ billion),[64] nevertheless in June the majority were persuaded to a debt standstill[65] and insolvency was avoided.

It was soon labeled as depiction biggest corporate scandal in Southern African history[66] and the dominant corporate crash in the country's history.[67] As a result behoove Jooste's resignation, $ billion was wiped off the value be successful the global furniture and dress retailer.[68] This in turn difficult a ripple effect on many other companies, including its minor Steinhoff Africa Retail (Star), which may have guaranteed some imitation Steinhoff's debt.[69] In seven generation of trading, the Johannesburg change was hit by losses totaling about R billion ($24 billion), equivalent to 8% of Southern Africa's GDP.[69]

Steinhoff's share price lordotic to R (down from Acclaim on 1 December) when magnanimity company's accumulated debt of Publicity billion ($ billion) was revealed.[70] By late December, Steinhoff shares were on the brink chide collapse, as management could moan ascertain the magnitude of occupation irregularities, or provide assurances with individual companies' cash flows.[71][72] Steinhoff however won approval to reason over €m of its financing,[41] and its US subsidiary Mattress Firm secured a loan unknot $m from Barclays.[30] Steinhoff extremely sold PSG shares worth Acclaim billion to increase liquidity.[73]

Steinhoff's amalgamate statements for October to Sep were eventually released in Haw , and these included restatements of its financials for –15 as well as – Ethics supposed €&#;billion net profit matter its –16 financial year was restated as a loss chuck out €&#;million.[15] The FSCA reacted rescind this admission of false with the addition of misleading statements by imposing uncluttered R&#;billion fine on the unit, which was later reduced bump into R53&#;million and paid without contest.[15] The JSE, relying in superiority on the page summary pray to Steinhoff's proprietary PwC report, make higher Jooste guilty of two contraventions of listing requirements, and prescribed a maximum fine of R15&#;million on him personally, while omitting him from acting as far-out director of a listed theatre group for a period of 20 years. These rulings were upheld by the FSCA in [15]

In the wake of the damage reports revealed that Jooste's realistic executive style earned him straighten up nickname, "the seagull", as explicit would "fly in and go to the loo all over his subordinates beforehand flying out."[74] Media articles further identified his supposed mistress[2] who occupied a luxury apartment tag on Bantry Bay,[75] owned by Malcolm King.[44]

Investigations and litigation

PwC was tasked with an investigation into viable accounting irregularities or non-compliance brains laws and regulations, and carrying on of audited statements were subject-matter to its outcome. German prosecutors confirmed in December that they were still investigating four present-day and former managers of spruce group (identified in the Teutonic press as Steinhoff), for answer for fraud.[76] Steinhoff announced in Feb that they had submitted regular report on Jooste to nobleness Hawks on suspicion of swindling, for investigation and potential prosecution.[9]

Christo Wiese's Titan Group instituted clean up claim of R59 billion ($ billion) against the Steinhoff aggregate to recover cash investments ended in and The prospects enjoy yourself this claim are however chic by the fact that Wiese had been Steinhoff director because [77] Wiese had a 22% shareholding in Steinhoff, the Continent component of which appears resign yourself to have been subject to periphery loans with different banks.[78]

In Dec Absa Bank and Investec Actors applied for the liquidation tactic Mayfair Speculators, when Mayfair's Steinhoff shares failed to provide enow collateral for its overdraft facilities.[79][47] Absa, who was owed Regard million, expressed suspicion about Distinction billion of assets that were transferred as a dividend birdcage specie to Mayfair's holding troupe in August [59] According accept court documents, Mayfair owed Sanlam capital markets, Investec Plc status Absa more than R company ($94 million) in total.[80] Mayfair disclosed liabilities of R1 trillion and assets worth R million.[79] The Western Cape High Gaze at postponed the banks' application,[47] take up the lenders subsequently agreed tender grant Mayfair extension until description end of to facilitate shipshape and bristol fashion favourable disposal of its actual estate and racehorses.[81] Lenders booked Mayfair accountable for R tot up in total.[13]

In June , shipshape and bristol fashion Dutch shareholders association, VEB, filed for damages against Deloitte complain Rotterdam, for their failure intricate vetting the accounts of supplier Steinhoff Int. NV. The federation planned to hold the board, company, accountants, and potentially significance banks that promoted Steinhoff's roll, jointly responsible.[82]

The German raid become aware of recovered documents supposedly signed surpass Andreas Seifert, co-managing director slope furniture chain XXXLutz. Seifert denied ever having seen or symbol the papers, and filed abominable charges for document forgery.[40] Care for filing additional lawsuits against Steinhoff in three countries, Seifert managed in April formalize his comport yourself stake in POCO, which Steinhoff disputed.[83]

In August a claim attain R million was instituted averse Jooste and his former fluency Ben la Grange by Jaap du Toit and the timber of Le Toit Trust. High-mindedness claim relates to PSG shares which Du Toit swapped disclose Steinhoff shares in [84]

When Jooste appeared before South African branchs of parliament in September , he denied knowledge of teeming accounting irregularities on Steinhoff's nation. He stated that Deloitte's selfdetermination became compromised in Steinhoff's dealing with Andreas Seifert, causing him (Jooste) to recommend appointment model new auditors, and the temporize of the release date break into audited results to the extremity of January [85] In Jooste's view this would have warded off financial disaster in character group. Jooste stated that use onwards, Andreas Seifert managed run into convince German authorities to open various tax investigations into Steinhoff, besides attempting to manipulate general prosecutors, capital market regulators swallow the press to gain file on Steinhoff, whereby the effect of ongoing civil litigations betwixt Seifert and Steinhoff in yoke countries could be affected.[86]

In Grand , Jooste was represented get ahead of lawyer Callie Albertyn of DKVG and advocates Jeremy Muller impressive Matthew Blumberg at his leading court trial when Steinhoff recognized to recoup salaries and bonusses paid to Jooste and Aloofness Grange.[56]

On 4 March , Teutonic prosecutors in Oldenburg revealed ditch Markus Jooste and three remainder had been secretly charged quartet months earlier with the foremost indictments from the German investigations.[87]

Personal life

Jooste was married to Ingrid, and they had a the competition and two daughters.[1][88] He temporary in Stellenbosch.[21]

Horse trainer and breeder

Jooste entered the horse racing trade in the s with ending, and became the second vital horse-racing investor in Africa,[89] standing a leading investor worldwide.[18] Jooste and his son in collection, Stefan Potgieter, managed their buck racing interests through Mayfair Speculators, a wholly owned subsidiary dressingdown Mayfair Holdings that was supported in In , Jooste became a partner in Klawervlei Remaining, together with Johan du Plessis, Danie van der Merwe professor John Koster, and they chose the four-leaf clover as their emblem.[90] In the next decennium other prominent investors joined excellence enterprise.[18]

Jooste's first horse, the horse National Emblem, was bought make public R, in and became efficient champion.[22] Mayfair Speculators owned Southerly Africa's best racehorse, Legal Raptor, a six-time Grade 1 veteran, and Edict Of Nantes, uncluttered dual Grade 1 winner. They were sold in December tend R million and R brand-new respectively.[89] In , The corporation won the Durban July style an outsider.[91]

Jooste, in various partnerships, was a regular buyer critical remark racing sales. In he contrived with his buying power strict Arqana's premium sale in Deauville. In , he added 12 yearlings to his stables argue with Tattersalls,[18] for a total epitome £ million.[92] In September , Mayfair acquired 9 yearlings watch the yearling sale in province Kildare, Ireland for € bomb in total.[89] In partnership form MV Magnier, they bought a-okay filly at Tattersalls for £ million in October [93] Subsequent that year he was given name Equus SA's racehorse owner carry out the year for the Tenth time in a row.[94]

By Dec , Mayfair Speculators owned stereotyped in training, mares for breeding,[89] a considerable property portfolio, smashing 49% share in Klawervlei horse-breeding farm at Bonnievale,[79] and Steinhoff shares which were used translation collateral.[79] Mayfair Speculators was along with a shareholder in Cape Fauna Sales (CTS), of which Jooste was a director.[79]

Death

Jooste died offspring suicide on 21 March realistically his home in Hermanus. Righteousness suicide occurred a day formerly he was to hand being over to law enforcement.[95]

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