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Former Steinhoff CEO Markus Jooste.
Photo Illustration by News24. Photo by Jaco Marais
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 (R9.1 billion at current exchange rates) for Austrian furniture retailer Kika-Leiner in 2013, the company was given a valuation of some €1.27 billion (R25 billion) on Steinhoff’s books, German prosecutors have argued.
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