Markus Jooste squares up to Steinhoff Group | IOL Business Report

Former Steinhoff International chief executive Markus Jooste has filed opposing papers at the Western Cape High Court against the group’s R850 million claim against him to recoup excessive salary and bonus payments over an eight-year period when he was at the helm of the furniture retailer.

The document in which Jooste indicated that he is planning to oppose the motion, the notice of intention to defend, has been filed at the Western Cape High Court and has been sent to Steinhoff’s legal team. Ron Klipin, a senior analyst at Cratos Asset Management, said challenging Steinhoff’s civil claim may prolong the proceedings.

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 percent and losing more than R200bn in market capitalisation.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Sexy Socks owner claims Woolworths stole his design | IOL Business ReportDave Hutchison, the founder of Sexy Socks, claimed on Monday that retail giant Woolworths has stolen the design of his bamboo made socks. busrep Not again. Seems like Woolworths steal a lot of stuff busrep Woolworths busrep Just google “bicycle pattern socks”. It is all over the place. Sexy socks probably lifted their pattern from a Google image search, so no need to cry at Woolworths’ door. Pull the other one.
Source: IOL - 🏆 46. / 51 Read more »

Africa prepares for AfCFTA - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.%The 35th Ordinary Session of the Executive Council of the African Union (AU) is meeting in Niamey, Niger.%
Source: SABC News Online - 🏆 32. / 51 Read more »