By: Natasha Archary

A warrant of arrest has been issued for disgraced former Steinhoff CEO, Markus Jooste in Germany.
This after Jooste failed to appear in court for his fraud case where the 61-year old is expected to answer to him allegedly inflating Steinhoff International’s profits by over R100 billion.
Jooste is accused of scamming several investors between 2011 and 2014, causing the multinational holding company that is dual listed in Germany and South Africa to collapse.
In 2017, Steinhoff’s share price plunged by more than 95%, wiping out shareholder wealth worth tens of billions of rands.
According to German officials, Jooste doesn’t have travel documents as he claims these were lost.
The businessman who is currently living in Germany, is now a wanted man as the public prosecutor’s office in Oldenburg applied for suspension of the proceedings and issued a warrant of arrest in Jooste’s name.
Johannesburg Stock Exchange fines Markus Jooste R7.5m, with a 20-year ban.
In January 2023, Markus Jooste was fined R15 million by the Johannesburg Stock Exchange (JSE), with a 20-year ban.
Jooste was slapped with two R7.5 million fines for his “mistakes and transgressions” at Steinhoff.
The JSE statement claims that Jooste contested their findings and disagreed with their judgements.
Markus Jooste was supposed to go on trial in Germany from 18 April to 14 June, 5-years after he resigned as CEO.
The fraud charges against Jooste were brought against him by German authorities.



