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Business Report writes that former Steinhoff International chief executive Markus Jooste has filed opposing papers at the Western Cape High Court against the retailer’s R850 million claim against him.
His move, which has the possibility of prolonging the corporate saga, follows Steinhoff last month launching proceedings against Jooste and its former chief financial officer Ben La Grange to recover certain salary and bonus payments paid to them before 2017. The claim came after Jooste, La Grange, Dirk Schreiber and Stehan Grobler, as well as four other people, were cited in the 15-month forensic probe report by PricewaterhouseCoopers published in March as having been involved in fictitious and/or irregular transactions between the 2009 financial year and 2017. The claim includes share incentives, plus interest as well as legal costs. The report indicated that income and asset values were overstated by about R103.31bn. Steinhoff is reportedly claiming a sum of R271m from La Grange. Indications are that La Grange will also file his notice to defend. The claim against its former executives is a small amount compared to the money Steinhoff lost after the admission of accounting irregularities in December 2017 when the share price declined by more than 90%, thereby losing more than R200bn in market capitalisation.
- Read the full original of Sandile Mchunu’s report in the above regard at Business Report
Get other news reports at the SA Labour News home pag