Business Maverick

ACCOUNTING SCANDAL

Ex-Steinhoff CEO Markus Jooste loses appeal against German arrest warrant

Ex-Steinhoff CEO Markus Jooste loses appeal against German arrest warrant
Former Steinhoff CEO Markus Jooste appears before several committees in Parliament on 5 September 2018. (Photo: Gallo Images / Brenton Geach)

(Bloomberg) – Markus Jooste, the former chief executive of scandal-ridden retailer Steinhoff International Holdings, has lost his appeal against the warrant issued by a German court after he failed to show up for trial in the country.

The Higher Regional Court of Oldenburg rejected his challenge on Monday, a tribunal spokeswoman said. Prosecutors had asked for an arrest warrant when Jooste didn’t show up for his trial in April.

Bernd Gross, Jooste’s German lawyer, didn’t reply to an email seeking comment.

Gross told the court in April that Jooste was unable to travel because he didn’t have access to his passport, under an arrangement with South African authorities. Jooste is facing much bigger probes and allegations there than in Germany, the lawyer said at the time.

Read Daily Maverick’s coverage of the Steinhoff scandal and Markus Jooste 

Steinhoff has been battling to stay afloat, more than five years since auditors refused to sign off on its accounts. This prompted Jooste to resign and caused a dramatic share-price collapse as well as criminal and regulatory investigations in Europe and South Africa.

The judicial authorities in Oldenburg could now seek his extradition from South Africa or ask Interpol for help in the case. DM/Bloomberg

With assistance from Janice Kew.

© 2023 Bloomberg L.P.

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