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Markus Jooste instigated R16bn swindle at Steinhoff subsidiary, say German prosecutors | Business

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The German trial of Markus Jooste may have stalled, but prosecutors have now accused the former Steinhoff boss of illegally nearly tripling the book value of a multibillion-rand furniture group the retailer bought in 2013. | News24_Business

The German trial of Markus Jooste may have stalled, but prosecutors have now accused the former Steinhoff boss of illegally nearly tripling the book value of a multibillion-rand furniture group the retailer bought in 2013.

While Steinhoff only paid €452 million for Austrian furniture retailer Kika-Leiner in 2013, the company was given a valuation of some €1.27 billion on Steinhoff's books, German prosecutors have argued. Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.

 

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Two former Steinhoff execs appear in German court for second round of trial | BusinessOn Wednesday, two German Steinhoff executives are going on trial in the same court where Markus Jooste failed to appear in April. | News24_Business
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