Markus Jooste

Former Steinhoff CEO Markus Jooste made his first public appearance in Parliament since auditors flagged irregularities in the retailer’s accounts. Photo: Armand Hough/African News Agency (ANA)

SA accountancy body suspends Markus Jooste’s membership

The organisation rejected his resignation before suspending the membership and warned Markus Jooste that he cannot avoid punishment for his crimes.

Markus Jooste

Former Steinhoff CEO Markus Jooste made his first public appearance in Parliament since auditors flagged irregularities in the retailer’s accounts. Photo: Armand Hough/African News Agency (ANA)

The South African Institute of Chartered Accountants (SAICA) has suspended Markus Jooste’s membership pending finalisation of disciplinary proceedings against him.

Jooste’s resignation from Steinhoff

Markus Jooste was thrust into controversy when he resigned as chief executive of Steinhoff International in December 2017 amid accounting irregularities at the global retailer.

He is being investigated for his alleged role in the scandal, which saw the company’s share price plummet.

Resignation rejected

Jooste had tendered his resignation from SAICA, but its board resolved not to accept it but instead to suspend his membership pending the disciplinary outcome.

“The board’s decision not to accept Jooste’s resignation and to suspend his membership pending the finalisation of disciplinary proceedings against him, was made in terms of SAICA’s By-laws and was conveyed as such to Jooste’s lawyers,” SAICA said.

“Moreover, SAICA has pointed out to Jooste’s lawyers that their client cannot avoid the disciplinary inquiry that SAICA has decided to initiate against him by handing in his resignation.”

SAICA said its by-laws were designed to ensure that disciplinary inquiries were conducted in an independent, lawful and fair manner.

Could also be in trouble in Europe

It is yet more bad news for Jooste and Steinhoff.

The company was in court in Germany earlier in 2019 and the judge there gave disgruntled investors leave to file a mass lawsuit against Steinhoff to sue for loses caused by the company.

Steinhoff is also facing another court date in the Netherlands, but that hearing has been postponed to an as-yet-unannounced later date.

– African News Agency (ANA), Editing by Stella Mapenzauswa