Markus Jooste resigns - some squeaky bum time

I certainly backed the jockey and not the horse.


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Just about to be discussed here www.capetalk.co.za/

mr hawaii wrote: Insider trading

The FSB said it’s also investigating new possible insider-trading cases linked to shares of retailer Steinhoff International Holdings, wireless carrier Vodacom Group, Famous Brands, Super Group and WG Wearne.

The Vodacom probe covers trading in October. It was in that month that South Africa’s Competition Commission announced it had started an investigation into possible abuse of dominance after Vodacom secured an exclusive contract with the National Treasury. Vodacom’s stock declined for two consecutive days prior to that announcement and had dropped more than 1% on October 4 before the antitrust body’s statement.

The FSB’s Steinhoff probe is for trading in August. That was the month in which the retailer was accused of dishonesty in a Manager-Magazin report about chief executive officer Markus Jooste being among employees under investigation by German prosecutors in a 2015 case linked to possible accounting fraud. Jooste resigned on Tuesday after Steinhoff reported irregularities in its accounts that require further investigation.


I wonder ,if they turn up the heat, who will be found out in this move?

www.moneyweb.co.za/news/companies-and-de...gupta-linked-oakbay/

I also wonder how many Racing friends bought Steinhoff shares because of association with MJ? I bet a few Phumelela boys invested in this company and now have lost a great deal... I hope things pan out as there are far too many people in the retail sector that could lose jobs if the company dies...

Tekkie Town comes to mind

Papa wag vir jou

All grade 1 competitors will be kept...Legal Eagle, EoN, rtf...one can expect all other bread and butter runners to be dispersed. With racing stakes in SAY, it is impossible to sustain 150 or more horses in training. That with average fees at 10gs a pop. A horse needs to earn 120-140 gs a year to sustain itself and that means run monthly at least.

Small top class select few will be kept in my view...innocent or guilty...a hobby like this can't be maintained on this scale.

It's time we took stock of ourselves.It seems some of us thrive on the misfortunes of others whilst being totally secretive about ours.Most here are ultra smart so you will take note of when we peak
Being a betting forum is lost on most and its only time like these that we crawl out of our existence.No need for excuses or validation because for some of us its just the way it is

A man can see a speck of dust on another man's forehead but cannot see a pack of fleas at the tip of his nose...

If MJ has done anything that warrants sanction, then he will pay a price for his misdeameanours - it is doubtful that any of us know the alleged wrongs or the full extent thereof to express an opinion on the veracity thereof and what the outcome / punishment should be

CA's getting a terrible rap currently for the acts and omissions that are becoming public knowledge - my SAICA renewal comes up in January and I'm unsure whether to proceed - feel tainted by association

And for the record, I finished articles, qualified and left KPMG before the Guptas arrived in SA !!

Gentlemen sometimes we forget the issue at hand and concentrate on the man. I am as guilty as the the next. Let us not forget the issue before us. Here is a man that has allegedly misrepresented the performances of the businesses that he ran. These misrepresentations have resulted in inflated values being attached to these businesses and thus inflated share prices. This was not a mistake, this was a calculated act of fraud in which Jooste was a massive beneficiary of millions of dollars through his shareholding in these listed companies. Significantly when concerns were raised in Germany about discrepancies, these were denied and the fraud continued. Taken from a report about the irregularities in August :-

Steinhoff has refuted a German media report on “balance sheet forgery”, which sent shares in the retailer into freefall.

Manager Magazin reported Thursday morning that German prosecutors are investigating at least four individuals associated with the retailer, including group chief executive Markus Jooste, for suspected balance sheet fraud.

According to the monthly business magazine, the public prosecutor’s office in Oldenburg suspects “excessive revenues have been included in the balance sheets of group-owned companies”, in relation to the sale of intangible assets and/or shares in the company. It also reported that raids were carried out at Steinhoff Europe Group Services (SEGS) headquarters as well as at the private homes of two Steinhoff confidants.

Now its all good and well if no one is affected. Steinhoff was apparently the fifth largest share traded in South Africa. That means that many pension funds had exposure to these shares. That means that normal every day people who have contributed to their pensions will be affected. This fraud is criminal and should be punishable by jail time. A long period behind bars where he must pay for his sins. There should be no luxuries. The man deserves to lose everything and I pray that he will.

The question that needs asking from a racing point of view is what has his influence been in appointing people to senior positions, why were they appointed, and what possible fraudulent activities have been taking place due to this if any?

Grey hair showing from his humble cap that did little to protect him from the pouring rain greeted with a smile hardly ever worn by those that have so much

Here's a comprehensive article on the situation that dispels any chances of this being anything but a comprehensive, well planned fraud. Steinhoff being rightfully compared to as a pyramid scheme.

www.moneyweb.co.za/news/companies-and-de...ff-skeletons-emerge/

There are some hilarious no punches held comments on twitter:




Meet Markus Jooste, purveyor of accounting fraud, billionaire, liar & now- the dismissed former CEO of #Steinhoff or - as some in my WhatsApp groups have said - the Brian Molefe of monopoly capital. For today, his face needs to trend as much as #BrianMolefe.
Naturally, he's a CA.

702 Stephen grootes says MJ did not disclose 1 billion $ worth of transactions in Germany.....and christo wiesr lost 28 billion RAND in trading yesterday