Streaming issues? Report here
Refiloe Mpakanyane 1500 x 1500 2020 Refiloe Mpakanyane 1500 x 1500 2020
Weekend Breakfast with Refiloe Mpakanyane
06:00 - 10:00
volume_up
volume_mute

Up Next: 702 Music with Kenny Maistry
See full line-up
Weekend Breakfast with Refiloe Mpakanyane
06:00 - 10:00
Home
arrow_forward
Business
fiber_manual_record
Local
fiber_manual_record
Opinion

Markus Jooste is fighting back. Deloitte to pay R1.3bn to Steinhoff claimants

15 February 2021 7:44 PM
Tags:
Corruption
Fraud
Steinhoff
The Money Show
Bruce Whitfield
Deloitte
Financial Mail
markus jooste
Rob Rose
FM
auditing
Steinheist
Steinheist: Markus Jooste, Steinhoff and SA’s biggest corporate fraud
corporate fraud

Bruce Whitfield interviews FM Editor Rob Rose, author of "Steinheist: Markus Jooste, Steinhoff and SA’s biggest corporate fraud".

RELATED: Markus Jooste will absolutely hate this book by FM Editor Rob Rose


Markus Jooste, the disgraced former CEO of Steinhoff, is appealing the R162 million fine he received in October last year for insider trading.

Former Steinhoff chief executive officer Markus Jooste. Picture: EWN

Jooste is the mastermind behind the largest corporate fraud in South Africa’s history, which saw investors lose R200 billion.

Deloitte – Steinhoff’s former auditor – has agreed to pay R1.3 billion compensation to claimants who fell victim to the fraud.

The disgraced auditing firm says the settlement should not be viewed as an “admission of any liability”.

The Money Show’s Bruce Whitfield interviewed Financial Mail Editor Rob Rose.

Rose is the author of “Steinheist: Markus Jooste, Steinhoff and SA’s biggest corporate fraud”.

At some stage, Deloitte realised they have to pay something towards this…

Rob Rose, Editor - Financial Mail

It goes into Steinhoff’s coffers which will be used to settle a mountain of legal claims... The largest of which is Christo Wiese… he lodged a R59 billion claimed… Wiese has highly paid lawyers. He’s going to have a fantastic place at the table…

Rob Rose, Editor - Financial Mail

It’s a tiny portion of claims… Deloitte isn’t the worst auditor… They have some strong defences. This is a way for them to get Steinhoff to stop badgering them.

Rob Rose, Editor - Financial Mail

Few companies come out of a fraud like this… the legal claims are the real issue, including that of Christo Wiese… They still have some fantastic assets, like PEP…

Rob Rose, Editor - Financial Mail

Markus Jooste is going to fight this every step of the way… If Jacob Zuma can do it, why not Markus Jooste?

Rob Rose, Editor - Financial Mail

Why can’t you arrest this guy? … I don’t know why the police are taking so long…

Rob Rose, Editor - Financial Mail

Listen to the interview in the audio below.


This article first appeared on CapeTalk : Markus Jooste is fighting back. Deloitte to pay R1.3bn to Steinhoff claimants




15 February 2021 7:44 PM
Tags:
Corruption
Fraud
Steinhoff
The Money Show
Bruce Whitfield
Deloitte
Financial Mail
markus jooste
Rob Rose
FM
auditing
Steinheist
Steinheist: Markus Jooste, Steinhoff and SA’s biggest corporate fraud
corporate fraud

More from Business

'State-sponsored corruption should outrage South Africans' - Sars commissioner

25 February 2021 8:43 PM

'I'm infuriated!' Commissioner Edward Kieswetter says he feels the need to speak truth to power. Strong words on The Money Show.

Share this:
Read More arrow_forward

As export sales boost profit, Distell (Savanna, Klippies) eyes Africa expansion

25 February 2021 8:28 PM

Despite the killer liquor bans in SA, Distell posted a double-digit profit for 2nd half of 2020 says Group CEO Richard Rushton.

Share this:
Read More arrow_forward

Woolworths' online food sales soar, but fashion business 'disappointing'

25 February 2021 7:41 PM

Woolworths is not paying an interim dividend, despite strong profit increase. The Money Show interviews Group CEO Roy Bagattini.

Share this:
Read More arrow_forward

Discovery results: 'Strong operating performance, well-positioned for growth'

25 February 2021 7:27 PM

Earnings were negatively impacted by exchange rate volatility but Covid-19 provisions resilient, says Group CEO Adrian Gore.

Share this:
Read More arrow_forward

Strong recovery for 2nd half of 2020 sees Anglo American weather a tough year

25 February 2021 7:01 PM

'I am immensely proud of how our team of more than 95,000 people across Anglo American pulled together' says CEO Mark Cutifani.

Share this:
Read More arrow_forward

Sars plans to tax retirement funds if you leave SA, target offshore assets

24 February 2021 8:42 PM

The proposal to tax retirement fund members when no longer tax-resident in SA is not unreasonable, says Prof. Osman Mollagee.

Share this:
Read More arrow_forward

Med scheme covers chemo treatment but not weekly Covid test required by hospital

24 February 2021 7:39 PM

Consumer ninja Wendy Knowler follows up on the case of a patient who'd been paying his membership dues for more than 40 years.

Share this:
Read More arrow_forward

No tax increases: A 'good news' Budget but SA not out of the woods

24 February 2021 7:17 PM

'We owe a lot of people a lot of money' says Tito Mboweni. Wide-ranging reaction to Budget 2021 on The Money Show.

Share this:
Read More arrow_forward

Facebook and Australia, what it means for the rest of us

24 February 2021 7:15 PM

Will the deal with Australia help publishers around the world?

Share this:
Read More arrow_forward

How much more alcohol will cost you after Mboweni's 2021 Budget Speech

24 February 2021 2:46 PM

Once again this year, you’ll be paying more for your sins.

Share this:
Read More arrow_forward

More from Local

Rand Water to cut water for 30-hours for Joburg residents

27 February 2021 6:58 AM

Joburg Water communications officer Eleanor Mavimbela says this is a planned shutdown, water tankers will be roaming the streets.

Share this:
Read More arrow_forward

South Africa records 1,654 new Covid-19 cases

27 February 2021 6:36 AM

The Health Department says the total number of vaccines administered is 63, 648 since the beginning of the vaccine rollout.

Share this:
Read More arrow_forward

We got complaints that manual system was not working because of corruption - MEC

26 February 2021 7:41 PM

Gauteng Roads and Transport MEC Jacob Mamabolo asks for three months to deal with licensing problems, corruption and collusion.

Share this:
Read More arrow_forward

He's not above the law – Ramaphosa comments on Zuma's ConCourt defiance

26 February 2021 5:15 PM

He said no one was above the law, including former President Jacob Zuma, who has defied a Constitutional Court order by refusing to appear before the Zondo commission.

Share this:
Read More arrow_forward

Relief funds are not for running ECDs - Minister Lindiwe Zulu

26 February 2021 4:15 PM

Social Development Minister Lindiwe Zulu gives an update on the relief funds for early childhood development centres.

Share this:
Read More arrow_forward

I didn't have failure, I had setbacks - Mbhazima Shilowa

26 February 2021 3:35 PM

Former Gauteng premier Mbhazima Shilowa talks about failure and the setback he has faced. #UpsideOfFailure.

Share this:
Read More arrow_forward

WATCH LIVE: Ramaphosa in a Q&A session with Sanef

26 February 2021 2:32 PM

The engagement is part of the president’s ongoing dialogue with different sectors of society.

Share this:
Read More arrow_forward

Weather update: Severe storm and hail reported across SA

26 February 2021 1:55 PM

The South African Weather Services has issued a severe warning for severe thunderstorms in most parts of Gauteng, Mpumalanga.

Share this:
Read More arrow_forward

'Is racism okay if you are a seasoned journalist and under pressure?'

26 February 2021 1:45 PM

Not In My Name secretary-general Themba Masango says eNCA and reporter Lindsay Dentlinger must account for 'this violent act'.

Share this:
Read More arrow_forward

Let's await outcome of Digital Vibes forensic audit - Health Department DG

26 February 2021 12:35 PM

Dept of Health Director-General Dr Sandile Buthelezi says they are cooperating with the SIU in investigating tender irregularities.

Share this:
Read More arrow_forward

More from Opinion

'State-sponsored corruption should outrage South Africans' - Sars commissioner

25 February 2021 8:43 PM

'I'm infuriated!' Commissioner Edward Kieswetter says he feels the need to speak truth to power. Strong words on The Money Show.

Share this:
Read More arrow_forward

Does an emotive Sars advert make you feel better about paying tax?

23 February 2021 8:08 PM

It's Budget day tomorrow and branding expert Sizakele Marutlulle chooses a topical campaign as her advertising hero of the week.

Share this:
Read More arrow_forward

A South African fraudster fleeced US Big Tech out of R620 million ($42 million)

22 February 2021 8:11 PM

Stephen Timm on his new book, "At Any Cost: The South African Fraudster Who Took the Tech World for More Than $40 million".

Share this:
Read More arrow_forward

We’re producing in the hopes we’ll see an uptick - Jack Black founder

22 February 2021 7:00 PM

The Money Show’s Bruce Whitfield asks Jack Black founder Ross McCulloch if he has any tips for Tito.

Share this:
Read More arrow_forward

'Mboweni must remember revenue windfall means SA just in slightly smaller hole'

18 February 2021 7:40 PM

Tips for Tito: The Money Show interviews Ninety One's Nazmeera Moola ahead of the finance minister's Budget speech next week.

Share this:
Read More arrow_forward

We don’t understand the gravity of the profession – accounting student

18 February 2021 11:05 AM

"Medical students understand they have someone’s life in their hands," says a young accounting student in a stirring call.

Share this:
Read More arrow_forward

Bitcoin breaks through $50k - digital gold?

16 February 2021 8:54 PM

'It's critical to understand the changing nature of money.' Bruce Whitfield interviews Farzam Ehsani (VALR.com.) on The Money Show

Share this:
Read More arrow_forward

Few believed in me. Most actively discouraged me - Heyneke Meyer pens book

15 February 2021 8:00 PM

Bruce Whitfield interviews former Springbok coach Heyneke Meyer about his new book "My Notes on Leadership and Life".

Share this:
Read More arrow_forward

Zuma must go to jail for contempt of court, if found guilty - Zondo to Concourt

15 February 2021 6:33 PM

The Money Show's Bruce Whitfield interviews Justice Zak Yacoob (former ConCourt judge) and Ferial Haffajee (Daily Maverick).

Share this:
Read More arrow_forward

'Signs of incremental progress in SA despite graft, blackouts, vaccine delays'

10 February 2021 8:35 PM

It's not all doom and gloom. Bruce Whitfield interviews Goolam Ballim (Group Chief Economist, Standard Bank) ahead of Sona.

Share this:
Read More arrow_forward