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Markus Jooste's investment firm hires business rescue experts

May 08 2018 11:37
Loni Prinsloo, Bloomberg

Johannesburg - Steinhoff International [JSE:SNH] ex-CEO Markus Jooste’s personal investment company has hired two business-rescue practitioners as it embarks on an asset sale to repay creditors.

Mayfair Holdings named Piers Marsden and Leslie Matuson of Johannesburg-based Matuson & Associates as directors, according to a statement by South Africa’s Companies and Intellectual Property Commission.

Mayfair has been given until the end of the year by lenders to sell assets and pay back loans that were backed by Steinhoff shares, which have collapsed in value amid an accounting scandal.

Jooste quit as Steinhoff CEO and as a director of Mayfair in December. Stefan Potgieter, his son-in-law, remains on the board.

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