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FSCA can claim against Jooste’s estate: Accountability Now

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The Civil Society Organization, Accountability Now, says it’s possible for the Financial Sector Conduct Authority (FSCA) to claim against the estate of former Steinhoff CEO, Markus Jooste, despite having passed on. The (FSCA) has confirmed that the death of Jooste does not have an impact on its on-going investigation relating to Steinhoff. It has also vowed to continue to assist the Hawks and the National Prosecuting Authority with any investigations they may have under way.

Jooste fatally shot himself on Thursday after he was fined R475 million by the FSCA, for misrepresenting Steinhoff’s financial statements published between the year 2014 and 2017.

The Executive Director for Accountability Now, Advocate Paul Hoffman says the wheels of justice carry on despite the demise of Jooste…

“The fine has already been imposed while he was still alive, it doesn’t just disappear into thin air when he dies. He leaves an estate behind, and he is a man who is reported to have earned between R600 million between 2014 and 2017. He was even listed on the Forbes people’s list so it’s not as though his death just brings an end to everything. He has an estate. There’s some family trust where the assets have already been seized by the NPA and there would be a lot of work for the lawyers to do and administrators of deceased estate to wind up the affairs of Jooste. There will be an effort by the financial authorities to recover the fine from his estate.”

The Financial Sector Conduct Authority (FSCA) has however said the passing of Markus Jooste does not have an impact on its ongoing investigation relating to Steinhoff.

It has vowed to continue to assist the Hawks and the National Prosecuting Authority with any investigations they may have under way.

Source: SABC News


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