The Black Business Chamber (BBC) has said it welcomes the actions by the South African Reserve Bank (SARB) in an effort to bring some accountability to the Steinhoff scandal that rocked the corporate world a few years ago.
The Reserve Bank was granted a court order to attach assets belonging to former Steinhoff CEO Markus Jooste.
“Those other law enforcement agencies who might have been cowering to do the right thing should at least feel motivated that SARB has made the move towards making sure that Jooste is held to account. The only disappointment is on the side of the banks, though. The banks have always been the ones that have been quick to act whenever allegations of corruption have been levelled against black businesses and individuals,” the BBC said in a statement on Wednesday.
“Without any iota of facts, allegations are always sufficient for banks to act. But with Jooste that has not been the case, unless we might have missed it in the process. Corporates, big business, and the captains of the industry need to always carry themselves in such a manner that embraces nation-building,” the chamber said.
“There is not nation-building that can be built on the back of corrupt society. Any form of corruption should be treated with same amount of energy as it is the cause of all the social ills that the country is facing. BBC is calling upon SARB not to lose momentum. They should carry on with the same diligence in ensuring that all cases that have been brought to their attention are dealt with and finally laid to rest.”
It came to light on Tuesday that the Reserve Bank is in the process of attaching assets worth millions of rand belonging to the former Steinhoff CEO, the alleged ringleader in financial fraud that saw investors lose more than R200 billion and resulted in a 95% collapse in the share price in 2017.
The SA Reserve Bank published the Western Cape High Court order on its website, which showed that Jooste and the respondents were suspected of contravening foreign exchange regulations.
The assets to be attached included those of the Silver Oak Trust; art worth about R98.78m; financial assets worth R1.21bn; loans receivable of R131.12m; Jooste’s house in Voelklip, Hermanus; at least six luxury vehicles, jewellery and other art worth about R795 400; books, documents, electronic devices and passwords; and the Lanzerac wine estate in Stellenbosch.
Meanwhile, billionaire businessman Christo Wiese has spoken out publicly following the SA Reserve Bank attaching former Steinhof CEO Markus Jooste’s assets worth billions of rand.
Wiese, who sold his farm to Jooste who offered him Steinhoff shares in exchange for the Lanzerac Wine Estate, says he is willing to “give him back his worthless shares”, in exchange for his Lanzerac wine farm.
Speaking to Talk Radio 702’s Mandy Wiener on Wednesday, Wiese, who had also served on the Steinhoff board as chairperson, said he was pleasantly surprised that it was the SARB that took initiative.
He said although he did get some of his money back through a settlement paid by Steinhoff, he still wanted justice.
“I got some of my money back in the settlement done by the company Steinhoff and I am pretty confident in the end, the outcome will be the right outcome, because Jooste defrauded me of the Lanzerac property and paid with shares he knew to be worthless, so we have sued him to cancel the deal and claim back Lanzerac and give him back his worthless shares,” he said.
BUSINESS REPORT