Did the SAPS pull a veil on the Markus Jooste investigation? by RONELLE SNYDERS

There is a dead silence from the South African Police Service (SAPS) regarding the investigation into the death of Markus Jooste, former CEO of Steinhoff, who committed suicide eleven months ago.

A day before his alleged death, the businessman was still under the spotlight of the Financial Sector Conduct Authority (FSCA) after an administrative fine of R475 million was imposed on him for accounting irregularities at his former company.

The police silence involves vague details surrounding his death and what witnesses were there when his body was found at the scene.

Last year, Western Cape police spokesperson Colonel Andre Traut said the inquest into the death of Jooste was still under investigation and there were no new developments to report at this stage.

This has raised questions about how, in a high-profile case with so much media attention, the police struggled to strengthen people’s understanding of the importance of confidentiality. There were no updates on the slightest details, such as the funeral arrangements.

The once respected business tycoon, Jooste has had his fair share of both success and failure, but what now remains is to remember how his actions negatively affected the country when his fraudulent activities related to investments came to light that cost South Africa’s Public Investment Corporation nearly R200 billion.

It took a disagreement with Steinhoff’s business partner Andreas Seifert before European regulators, journalists and law enforcement became aware of the conglomerate’s exaggerated profit and asset values and undisclosed transactions with third parties outside the balance sheet.

This forced Deloitte LLP to request an internal investigation before the 2017 financial statements could be approved.

But Jooste resisted this demand and needed help convincing the Steinhoff board to appoint new auditors. Jooste tendered his resignation on 5 December 2017, followed by Wiese nine days later when a major investor, PIC, asked for independent oversight.

Jooste’s resignation was followed by an engaged and protracted controversy over Steinhoff’s accounting practices in its Central European business dating back to 2014.

The uncertainty led to about R160 billion of Steinhoff’s value being wiped off the markets in a matter of days, with continued losses as the situation unfolded – leading to Steinhoff’s death in 2023.

Has the investigative file become one of many that is just lying around gathering dust on the SAPS’s shelves?

SOURCE:Did the SAPS pull a veil on the Markus Jooste investigation? – People’s Power News