Steinhoff reports indicted former CEO, Makus Jooste to SA Police

Steinhoff, one of Africa’s largest retailer said it has reported its former chief executive officer, Markus Jooste to the police on corruption allegations.

The corruption allegations which became full-fledge late last year has led to the crash in the stock price of Steinhoff to about 85%.

The chairwoman of the company revealed today that:

“We don’t know at this stage if the crisis could have been prevented,” Sonn told the joint finance, public accounts and public service administration committee that was called to get preliminary information on Steinhoff.

She said the company was committed to fixing what went wrong and that it was co-operating fully with all regulators.

The Hawks – whose full name is the Directorate of Priority Crime Investigation – is responsible for investigating national criminal priorities such as serious organised and commercial crimes and serious corruption.

Hangwani Mulaudzi, the Hawks spokesman, told Reuters the unit opened a case to investigate Steinhoff in December and has sought the help of Interpol in its inquiry.

“No one is in custody, no one has reported to the Hawks, and we have not yet visited the offices to look at the company’s computers or books. We have a case plan, a schedule and we will go step-by-step, this is a complicated case,” he said.

“We have written to Interpol seeking assistance in investigating Steinhoff’s activities abroad,” Maulaudzi said.

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