Africa-Press – South-Africa. Steinhoff’s CEO Louis du Preez says the retailer is awaiting a court date in its bid to recoup hundreds of millions of rands from its former boss Markus Jooste.
Steinhoff is seeking to claw back around R850 million in salaries, bonuses, and other incentives it paid its former CEO in a civil case.
Jooste, who is opposing the application, has denied any wrongdoing.
“The pleadings have closed, the steps now are to start preparing for trial and for the court to allocate a court date,” Du Preez told a briefing with investors on Friday afternoon in Stellenbosch.
The trial looks set to be the first time that Jooste will appear in court after 2017’s dramatic plunge in Steinhoff’s share price. The former Steinhoff CEO has been charged with balance sheet fraud in Germany, where Steinhoff has its primary listing, but no date has been set for the trial to start.
In October 2020 he was fined R162 million by the Financial Sector Conduct Authority for insider trading. But the fine was set aside on on appeal by the Financial Services Tribunal. The tribunal tasked the FSCA with reconsidering the fine, a process which is still underway.
He is also being investigated by the Hawks, who have not yet announced any charges.
For More News And Analysis About South-Africa Follow Africa-Press
