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It’s been nearly 40 months since Steinhoff’s share price plummetted in the wake of widespread ‘financial irregularities’, to put it mildly.
Since then, there have been books, Hermanus hideouts, rumours of Markus Jooste having a mistress, and many other salacious details, but there haven’t been criminal charges.
Sure, Jooste was slapped with a massive fine for insider trading, but now there may finally be some movement on that front.
Moneyweb reports:
…disgraced former CEO Markus Jooste might be about to face his first criminal charge…
According to an article in a leading German magazine – Manager Magazin – the public prosecutor’s office in the city of Oldenburg in Germany has completed a six-year criminal investigation into “balance sheet manipulation”…
Earlier this week Manager Magazin said that following completion of its investigation: “The public prosecutor’s office is bringing charges against three people from within the Steinhoff Group and one other person.”
It is believed that German prosecutors may make a formal announcement regarding those charges this week.
The charges would relate to balance sheet manipulation, which carries a three-year prison sentence.
Getting Joose to Germany to face those charges would be a mighty battle all on its own:
One company law expert told Moneyweb on Wednesday that while the German authorities might be able to act speedily with regard to German-based individuals, any attempts to prosecute Jooste would involve extradition proceedings.
“Given his track record Jooste would fight this through every possible court in South Africa and that could take three to five years,” said the lawyer.
“The clearest one and therefore the one most likely to succeed is insider trading.”
When you have enough money, you can grind just about any legal proceedings to a standstill.
Jooste and Steinhoff at large are also being investigated by the National Prosecuting Authority (NPA), although that is progressing at a snail’s pace.
Yesterday, following accusations from EFF MP Yoliswa Yako that the NPA was taking its sweet time in laying charges because Jooste and his accomplices are white, Justice and Correctional Services minister Ronald Lamola said the nature of the investigation meant it took longer to complete.
If I was the EFF, I would refrain from moaning about criminal corruption and the like.
Wherever Jooste is, let’s hope he’s feeling the heat.
[source:moneyweb]
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