What Did Markus Jooste Actually Do? A Summary of Steinhoff
What Did Markus Jooste Actually Do? A Summary of Steinhoff
The world was rocked by Markus Jooste’s passing last week, as he was about to be arrested for a massive case of fraud with international consequences. Here’s what he was alleged to have done wrong.
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So if Jooste was such a monetary "genius" how come he didn't know when to stop with his scam. How much is enough?
Nothing compared to the Anc corruption tallies.
I am still trying to figure out how the auditors just go on and on. No fine or investigation. What is the purpose of auditors then?
Bro you're amazing at telling the story, this is the most clearer side of the story…the real looters are ruthless
poundland 😂😂
It's worrying that many people here understood nothing about this fraud, including how shares work, until you explained it in simple terms. Speaks to the poor education most kids get these days.
Answer me Dan! Are you in the pockets of the ANC???
In simple terms, a retailer can be very cyclical, especially when the economy goes through a big downturn. Him and his mates used accounting laws to accrue profits that did not exist on a cash basis in the hope that the economy and the company’s real growth would recover, which it did not and in turn led to losses in creditor and shareholder money.
Fraud tends ti reveal itself when people stop getting paid the money they’re promised.
He's not dead he has pulled Gavin Watson stunt.
He stole over R200 billion
Here seems like a very good start to dealing with the culprits, this guy did phenomenal research and I am keen to hear comments on the validity of his findings. I truly hope this significant disaster for the South African economy is dealt with and that reparations for those impacted by this arrives in good time. See this. https://youtu.be/8Bxe-g6b7Z0?si=zbNVyteQ0Y90o9R8
Dan, I need to ask you: are you in the pockets of the SABC/ ANC?
This is an ENRON type twist….Will Deloittes take a hit as a result???! I doubt it.
Its the interchanging of your headgears' positions for me….important info shared,thanx
White ppl crime always pays in RSA. If he were black, he would be in fail yesterday.
…so in short, Jooste pulled a classic Enron scam. Overinflate the stock price, use the overinflated stock price to borrow real money (City Bank in the US wrote off $150 million as a result of him) and swap the BS shares for real shares like Pep, Tekkie Town and Shoprite….I hope he rots in hell
prove to me that he didn’t fake his death.
3 beanies, dude?
Thank you so much for simplifying the mystery…
Nice broad summary – but no actual explanation? We all knew he cooked the books. Why not tell you subscribers how? One of the ways was Jooste and collaborators would set up a private company to buy a property worth R10. They would then sell it at an inflated price of R100 to Steinhoff and pocket R90. Exactly the same as so many others have done with the help of their politically connected cadres in the right government departments.
Great job. New subscriber. 👍🏻
Daniel Corder, go clean your room 😂 and yes I used your official government name. Great episode ✌🏽
Great work, detailed and concise. Unfortunately this isn’t new, by definition Steinhoff was a Ponzi scam à la Bernie Madoff.
Try pronouncing this dead persons name correctly! Its Joost ffs. The letter E does not change the pronouncing.
Idiot took the easy way out. I can’t imagine why he ever thought he was going to get away with it.
Very insightful Dan thanks for explaining so clearly. Do the 3 beanies help you understand better ? 😂
Where is all the money?????😅😮😢
Are you wearing 3beanies?
Jooster is what he thought he was,
You always explain things so well..wish i could meet you.
What a criminal mind he was, a modern gangster. Many of the board looked away because the figures were good.
I doubt he was doing anything but his masters' bidding.
And they say that white people can govern themselves.
What about due diligence by investing interests..should they not also responsible to their stake holders.
It seems their indepth research was lacking, that allowed them to waste skateholder funds.
Surely the blade is double edged, or are investment funds immune to their incompetence??