Jooste sacked as Steinhoff CEO

Sms? Lol - this is the smart guy from stellen mafia that mybb clan worshipped ?

According to the FSCA, prior to resigning, Jooste had shared insider information via an SMS to some shareholders close to him, to dispose of their shares. Three recipients acted on his disclosure and encouragement and sold Steinhoff shares, avoiding losses.

Jooste himself made no money from the insider trading, the FSCA clarified. But as the "tipper" of insider information he is liable, with those to whom he gave inside information - including founding member of PSG Group Jaap du Toit, his acquaintance Dr Gerhardus Diedericks Burger, Jooste's driver Marthinus Swiegelaar and Ocsan Investment Enterprise. Jointly the fine is R241 million.
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Why is this oke still in South Africa? Are there restrictions on his movements? Is he just confident of not being prosecuted?
 
3WA said:
Why is this oke still in South Africa? Are there restrictions on his movements? Is he just confident of not being prosecuted?
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He is fined 160 million. His net worth was reported as 6 billion last year. I am sure he reckons he will take chances.
 
surface said:
He is fined 160 million. His net worth was reported as 6 billion last year. I am sure he reckons he will take chances.
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But why doesn’t he take his six billion and f*** off to some island somewhere that doesn't have a deportation agreement with South Africa? Why take the risk?
 
3WA said:
But why doesn’t he take his six billion and f*** off to some island somewhere that doesn't have a deportation agreement with South Africa? Why take the risk?
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He doesn't need to, and maybe he likes the weather here. He is effectively untouchable at present. The SMS thing was incredibly stupid, but white-collar fraud is so hard to prove, that IMO he will be old and grey before he sees a single day in jail.
 
3WA said:
But why doesn’t he take his six billion and f*** off to some island somewhere that doesn't have a deportation agreement with South Africa? Why take the risk?
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If most of his money is local, SARS has to give clearance for this, isn't it? Or he has to do gupta style hawala transactions but looking at the fact that he sent a sms, he doesn't look like a "smart" crook at all to me.
 
surface said:
If most of his money is local, SARS has to give clearance for this, isn't it? Or he has to do gupta style hawala transactions but looking at the fact that he sent a sms, he doesn't look like a "smart" crook at all to me.
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Ah, I figured that people in his league had money in many countries, transferred out over several years.
 
3WA said:
Ah, I figured that people in his league had money in many countries, transferred out over several years.
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IMO Jooste is more like Zuma than the Guptas. He was hands-on powerful, but had no exit-strategy. Finally he lost control of the 'tiger' he was riding (metaphor).

P.S. The 'real' money people like Christo Wiese have (some) stashed elsewhere.
 
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So, the Financial mail are reporting that Steinhoff are paying R30m to the NPA/Hawks toward investigation of this corruption/fraud. Apparently government lacks the money and resources to investigation something this complex. The Guptas and ilk must be laughing their asses off when they hear this.

Their article is unfortunately paywalled
www.businesslive.co.za

Hawks ‘don’t have the budget’ for Steinhoff probe

The state ‘didn’t have the budget’ to probe Steinhoff’s fraud, so the retailer gave it R30m to do so — a direct conflict of interest
www.businesslive.co.za www.businesslive.co.za

non-paywalled article
ewn.co.za

'No conflict of interest': Steinhoff funds NPA’s probe into its auditing scandal

The 'Financial Mail' on Friday reported that Steinhoff has agreed to give investigators from the Hawks and NPA R30 million to finance the investigation into the immense fraud at the company because the state doesn't have the budget.
ewn.co.za ewn.co.za
 
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R13... said:
So, the Financial mail are reporting that Steinhoff are paying R30m to the NPA/Hawks toward investigation of this corruption/fraud. Apparently government lacks the money and resources to investigation something this complex. The Guptas and ilk must be laughing their asses off when they hear this.

Their article is unfortunately paywalled
www.businesslive.co.za

Hawks ‘don’t have the budget’ for Steinhoff probe

The state ‘didn’t have the budget’ to probe Steinhoff’s fraud, so the retailer gave it R30m to do so — a direct conflict of interest
www.businesslive.co.za www.businesslive.co.za
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Could it be that Steinhoff (as a company) wants to recover as much as possible from Jooste & his comrades? It will be conflict of interest either way though. For or Against. It is like those AA car inspections - different reports depending on who pays. :)
 
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