MPs still want to question Jooste
Parliament’s standing committee on finance still wants to question former Steinhoff CEO Markus Jooste about the collapse of the global retailer’s share price.
Parliament’s standing committee on finance still wants to question former Steinhoff CEO Markus Jooste about the collapse of the global retailer’s share price.
Jooste has resisted appearing voluntarily before the committee on the grounds that this could jeopardise his right to a fair trial in the event of a future prosecution.
The committee said it was taking the necessary steps to issue Jooste with a subpoena “in a way that will not be open to legal challenge”. It has to balance this with its own obligation to exercise oversight.
The collapse of the Steinhoff share price was a heavy blow to investors such as pension funds, including the Government Employees Pension Fund, the assets of which are managed by the Public Investment Corporation, the largest investment manager in SA.
Committee chairman Yunus Carrim said at a committee meeting on Tuesday that Jooste was likely to take legal action to resist complying with a subpoena. He said it was necessary for the committee to be scrupulous in following the steps laid down in the Powers, Privileges and Immunities of Parliament Act for a subpoena to be issued.
This was to ensure that there were no procedural grounds on which to contest the subpoena.
The committee wants to question Jooste on the circumstances leading to the collapse of the Steinhoff share price in the wake of the December announcement that accounting irregularities at the group were under investigation.
A committee, satisfying quorum requirements, adopted a resolution to issue the subpoena. It will now be referred to National Assembly Speaker Baleka Mbete for concurrence. After this, the subpoena can be issued by a sheriff of the court.
The resolution affirmed the decision taken at a joint meeting on March 28 of the committee, the standing committee on public accounts, the trade and industry portfolio committee and the public service and administration committee to summon Jooste to appear before them.
“The summons and the engagement with the committee will be without prejudice to his right to a fair trial or any other investigation by a competent authority,” the resolution said.
Jooste would be required to give evidence to the committee on the collapse of the Steinhoff share price. The committee envisages a provisional date in mid-August for a hearing with Jooste after the parliamentary session resumes following a long recess.
Commenting on the resolution, DA finance spokesman David Maynier said: “We may now finally get to hear evidence about the ‘big mistakes’ Markus Jooste made which resulted in what may be one of the biggest corporate scandals in the history of SA.”