Bid to corral Jooste’s bolted horse
Friday, Absa’s manager of business support, Hester van Niekerk, confirmed that the bank would investigate all assets disposed of by Mayfair Speculators in the wake of Steinhoff’s crash.
The sale of Legal Eagle will form part of this investigation, according to a legal source involved in the litigation.
In her affidavit, Van Niekerk said it appeared that Jooste was party to a “fraudulent scheme” aimed at scattering assets “in order to put them beyond the reach of the applicant [Absa], Sanlam and Investec [other creditors linked to Mayfair Speculators]”.
She said: “It seems probable that [Mayfair Speculators] through Jooste has disposed of other assets, which requires immediate investigation and resolution.”
Van Huyssteen could not be reached for comment, but in an interview with Sporting Post this month he described Legal Eagle as “the best horse in the country”.
Jooste’s property assets are also in the spotlight after Steinhoff’s crash, including his R15-million property at Val de Vie Estate between Paarl and Franschhoek.
Ryk Neethling, an Olympic swimming gold medallist and now Val de Vie director, this week confirmed that Jooste’s property was on the market.
He said the property of about 3ha was “likely to sell very fast”.
Construction work on Jooste’s holiday home in Hermanus has stopped.
Steinhoff’s woes could also affect the company’s sponsorship deals, notably with the reigning world rugby sevens champions, the Blitzboks.
Spokesman for SA Rugby Andy Colquhoun said a formal announcement on the future of the sponsorship was expected next month.
Steinhoff’s share price this week hit a 17year low of R4.50 — down from R51.40 at the beginning of the month. The collapse came after news that the company had accumulated total debt of R161-billion.
The company’s accounting practices and disclosures are to be scrutinised in several investigations amid claims that investors had been hoodwinked. Jooste faces a criminal charge following a complaint laid by a Johannesburg fund manager.