By Zuko Komisa
The South African Reserve Bank (SARB) is in the process of seizing billions of rands of assets from former CEO of Steinhoff, Markus Jooste.
Jooste, is accused of being the mastermind behind a financial fraud that cost investors more than R200 billion and caused the share price to drop by 95% in 2017.
Thousands of domestic and international investors, from small to significant shareholders, lost money when Steinhoff’s finances collapsed.
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These in South Africa have included Christo Wiese, a well-known businessman, and the Government Employees’ Pension Fund (GEPF).
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The Western Cape High Court ruling, which revealed that Jooste and the respondents were accused of breaking foreign currency laws, was published on the SA Reserve Bank’s website.
The draft order states that the bank is permitted to seize all movable property owned by Jooste, with the exception of “clothing of those persons present or resident on the property and any foodstuffs and living essentials”.
The South African Reserve Bank (SARB) has reportedly attached some of the assets connected to former Steinhoff CEO Markus Jooste, including a silver Mercedes-Benz SL600, a green Land Rover Defender, a white Lexus LX570, jewellery, a mansion in Hermanus, and the prestigious Lanzerac Wine Estate outside Stellenbosch.
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