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EWN reports that the Federation of Unions of South Africa (Fedusa) says that former Steinhoff CEO Markus Jooste should go to jail for a long time for his underhanded dealings.
The global retailer lost more than 60% of its stock value on the JSE last year after Jooste stepped down amid allegations of so-called accounting irregularities and fraud. Fedusa had requested access to inspect Steinhoff's records and commented that it appeared that when a company within the group did not perform well, Steinhoff would inflate the figures. The federation’s Dennis George said: "As far as South African records were concerned, there was not an issue. The issue came with central Europe. That's the reason why we insisted they should lay criminal steps against him for fraud and corruption. That is something they did and now we want the Hawks to investigate because I think this guy [Jooste] must go to jail for a long, long time."
- Read this report by Gia Nicolaides at EWN
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