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Disgraced financial executive Markus Jooste found dead in apparent suicide ahead of court appearance

Disgraced financial executive Markus Jooste found dead in apparent suicide ahead of court appearance

IN a shocking turn of events, disgraced financial executive Markus Jooste, former chief executive of Steinhoff, was found dead from an apparent suicide in Hermanus, South Africa, on Wednesday. Jooste's death occurred just a day before he was scheduled to hand himself over to the police to face charges of fraud and corruption, among others. The suicide follows the publication of a story revealing that Jooste had been fined 475 million rand ($25.15 million) by South Africa's Financial Sector Conduct Authority (FSCA) for publishing false and misleading financial statements. Steinhoff, the retail group majority-owned by Jooste, has faced significant losses…
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Steinhoff’s former auditor Deloitte to pay $85 million to settle certain claims

Steinhoff’s former auditor Deloitte to pay $85 million to settle certain claims

STEINHOFF said former auditor Deloitte has agreed to pay $85 million to certain claimants as part of the retailer’s proposed $1 billion global lawsuit settlement plan, and that a company opposing the plan had withdrawn its court application. The announcement sent Steinhoff’s Johannesburg-listed shares soaring 15.70% to reach their highest in nearly two and a half years, while its primary Frankfurt-listed shares jumped by 18.55% by 1231 GMT. The moves takes the scandal-hit retailer a step closer to a settlement plan proposed in July after an accounting fraud in December 2017 prompted investors to dump its shares and led to…
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