We can’t afford another Jooste

There’s no other way to view the death of Markus Jooste – at his own hands – than that there will probably be more questions now than answers and anyone implicated will merely point at the former Steinhoff chief executive. His actions resulted in billions of rands lost by South African and European shareholders and the pension funds of ordinary South Africans after the furniture retailer published false, misleading and deceptive statements to inflate profits and hide losses.

It’s believed charges were to be laid against him next week after the Financial Sector Conduct Authority (FSCA) fined Jooste R475 million the day before his suicide. That fine was to be paid within a month or he would have incurred massive interest.

According to the FSCA, Jooste was the mastermind behind the Steinhoff scandal, this country’s biggest corporate fraud. However, he didn’t act alone and others implicated must also be punished.

So now what? What will happen with the investigations now he is dead? Who will be held accountable?

Rob Rose, author of Steinheist – “the inside story behind the Steinhoff scandal” – told Newzroom Afrika: “It’s important for the Hawks and for SA’s financial stability and investor confidence for there to be some accountability for the people involved. People want to see people in jail for it. Jooste was suspect number one and he would’ve been the golden goose for the Hawks. Quite what they will do now remains to be seen.”

Jannie Rossouw, visiting professor at the Wits business School, said the penalties will become a claim against Jooste’s estate. He also warned: “We do not know who will be next, but there will be one.”

That is such a worrying statement. We cannot afford this to happen again.