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.

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