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Markus Jooste dealt a blow in R740m court case

Oct 02 2019 08:51
Nellie Brand-Jonker
Former Steinhoff CEO Markus Jooste gets ready to t

Former Steinhoff CEO Markus Jooste gets ready to testify before Parliament on Sept. 5, 2018 (Supplied)

Disgraced Steinhoff CEO Markus Jooste was dealt a blow in the high court in Cape Town on Monday – and now, for the first time, will have to put his case to the court.

Acting judge Matthew Francis rejected an exception Jooste lodged to a claim of R740m which the trustees of Le Toit Trust, including Jaap du Toit, founding member and former long-time director of the PSG Group, brought against him. The claim by Le Toit Trust relates to PSG shares Du Toit swapped for Steinhoff shares in 2015, which caused him to suffer a large loss.

Jooste previously alleged that the claim in the case is vague and embarrassing.

But according to Riaan Meintjes of Hayes Inc., who represents the plaintiffs, the court found that the claim is sufficient and contains enough information.

According to Meintjes, Jooste and Ben la Grange, former financial director, can’t appeal against the court’s finding, and he will now have to submit  a plea. As far as can be ascertain, this will be the first time that Jooste will have to put his case to the court. He has to submit his case in the next twenty working days.

The plaintiffs allege that Jooste and Ben la Grange, former financial director, at the time this suggestion was made, knew, among other things, that the published financial statements of the company were misleading. In the summons the trustees said Jooste and La Grange acted on behalf of Steinhoff in June 2015 and made material representations that they knew were false.

The plaintiffs claim that but for the unlawful conduct of the defendants, the plaintiffs would not have swopped their shares in the PSG Group for shares in the Steinhoff.

Read the full report on Netwerk24.

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