Cosatu wants tough action taken against ‘corrupt’ Jooste

Trade union federation Cosatu has called for the freezing of belongings of embattled former Steinhoff CEO Markus Jooste and his associates to be extended to all their assets.

It emerged on Tuesday that the South African Reserve Bank seized more than R1.4-billion worth of assets belonging to Jooste, his wife and his family trust, five years after the retail giant imploded due to allegations of rampant theft, corruption and money-laundering.

“The National Prosecuting Authority needs to be woken up from its deep slumber. They cannot be allowed to continue to sleepwalk on such a massive alleged criminal operation that cost workers billions of rands,” said Cosatu in a statement.


“For too long Markus Jooste and his associates have not been held to account for the serious criminal offences they have been accused of. For too long their assets were not attached and protected from disposal. For too long they have not been brought to court and made to account.”

The central bank has accused Jooste of contraventions of the exchange control regulations to the value of more than R4.8-billion. It argues that Jooste used his companies to siphon money from Steinhoff to enrich himself and others.

The Public Investment Corporation invested more than R9-billion into Steinhoff. The Government Employees Pension Fund, which most members of Cosatu’s public sector unions belong to, is the biggest client of the PIC.

Cosatu added that it wants tough action against Jooste and his allies.

“Markus Jooste and his associates have been accused of rampant theft, corruption and money-laundering of workers’ hard-earned monies and pensions at Steinhoff,” said the trade union federation.

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