The forfeiture of assets belonging to Berdine Odendaal, the alleged lover of former Steinhoff chief executive Markus Jooste, has set a significant legal precedent in the fight against corporate fraud in South Africa.
The South African Reserve Bank (SARB) gave notice in the Government Gazette (Notice 2426 of 2024) on 16 April of a decision to forfeit to the state cash held in Odendaal’s five accounts with Absa, Capitec, and Standard Bank, amounting to R42 million, and her R18m property in Paarl’s Val de Vie estate.
Per the Notice and Order of Forfeiture, the money will be put into the National Revenue Fund (NRF). The Val de Vie property will be managed as the SARB “deems fit”, and any money earned from it will also go into the NRF.
In late April and early May 2021, authorities seized the assets because of claims that Odendaal had illegally gained more than R60.5m from Mayfair Speculators (Pty) Ltd, a company of which Jooste was a director.
The money in the accounts and the property were “preserved” while the forfeiture process was being finalised, according to Regulation 22B of the Exchange Regulations, to prevent any of the “affiliates” from disposing of the assets.
According to Dhahini Naidu, director at Fairbridge Arderne & Lawton Inc, the actions taken in the Steinhoff case reflect a broader regulatory and legal shift towards greater accountability and transparency in corporate South Africa.
“This case is likely to influence future legal strategies and corporate policies, stressing the importance of ethical management and the severe repercussions of its breach,” she says.
Naidu explains that the legal framework used in the Odendaal case, particularly under the Exchange Control Regulations, allowed for the attachment and subsequent forfeiture of assets even in the absence of a criminal conviction.
“This is crucial, as it highlights the proactive stance taken by the National Treasury under these regulations, which prioritise the prevention of asset dissipation over waiting for lengthy criminal trials.”
She adds that Regulation 22A of the Exchange Regulations plays a critical role. It permits Treasury to attach assets linked to or suspected of being linked to contraventions of the regulations.
“This was effectively applied in Odendaal’s case, where assets were seized based on their alleged connection to illicit financial flows from Steinhoff, mediated by Markus Jooste.
“The significant aspect here is the regulatory provision that allows for such actions without the prerequisite of a conviction, thereby fast-tracking the process of asset recovery.”
Preservation and restraint orders – the nitty gritty
Naidu says that in terms of the Prevention of Organised Crime Act, assets can be restrained and put under the control of a curator bonis. Even if charges have not yet been filed, the court can issue a restraint order if it believes the individual will be charged. However, the state can seize the restrained assets only after the individual has been convicted.
Naidu says the SARB follows a very different approach.
Section 22A allows Treasury to act in certain situations. It can attach money or goods, regardless of who has them, if there is suspicion the regulations have been violated. Treasury can also block accounts and deposit the money into a designated account. It can take similar action if there is a suspicion that money or goods are linked to a violation of the regulations or if they have been obtained because of such violations.
In other word, even without a conviction, the assets can be forfeited to the state.
End of the legal road for Odendaal
After Odendaal’s accounts were frozen in April 2021, her lawyers, who also represented Jooste, requested access to funds for her living and legal expenses.
The central bank eventually agreed to release R150 000 a month from one of her blocked accounts for “reasonable expenses”, starting in July 2021. Odendaal received the first payment that month, along with two additional payments for insurance and legal fees.
However, the arrangement ended in March 2022 when Odendaal went to court to demand the SARB cover her legal costs, leading the bank to halt the monthly payments. Despite her efforts, Odendaal has been unsuccessful in court to reinstate the allowance.
Read: Judge compares Odendaal’s court order request to Oliver Twist’s ‘more’ plea
Naidu says that the Notice and Order of Forfeiture marks the conclusion of this court dispute. Regarding any potential legal challenges to the forfeiture order, she says the chances of success are slim.
“A remedy to obviate this would be for a review to be launched. A critical aspect of the discussion is the legal standing in asset forfeiture cases.”
Naidu says that Odendaal, described as a beneficiary rather than the asset owner, will face significant legal hurdles in challenging the forfeiture.
“In the circumstances, given that Odendaal is not the owner of the assets (only a beneficiary), she does not have locus standi to launch a review. This would have to be done by the trusts,” says Naidu.
For the greater good
With Odendaal no longer having any claim to these forfeited assets, the money and earnings from the property will be moved to the NRF.
According to Naidu, this action is not only about penalising the wrongdoers but also about redirecting the ill-gotten gains to Treasury, so they can be used for national development.
“This serves a dual purpose: it acts as a deterrent against corporate fraud and aids in the economic restitution to the state, which might have been undermined by such fraudulent activities,” she says.
Jooste’s personal assets, along with the family trust, Silver Oak Trust, valued at more than R1.4 billion, were frozen by the SARB in October 2022. The disgraced businessman took his life in Hermanus on March 21, just a day before he was supposed to surrender to the Hawks.
Read: Jooste’s death raises questions about the fate of seized assets and Steinhoff prosecution
Moonstone asked Naidu whether it is likely to assume that a similar notice and order of forfeiture was in the pipeline for Jooste’s assets.
“If there is a link to that money being money that is illicit gains, then yes it can,” Naidu says.
Jooste’s will is opened
A recent Netwerk24 report detailed the content of Jooste’s will. According to the online news platform, documents related to Jooste’s estate were filed at the Grabouw Magistrate’s Court on 9 April. These papers include the marriage certificate of Markus and Ingrid Jooste, his death certificate, and a list of his belongings.
In the will, dated 25 June 2020, Ingrid is named as the sole inheritor. She receives three firearms, eight vehicles valued at about R3.5m, various artworks, two insurance policies (worth R330 000 and R171 600 respectively), a retirement annuity (R1.5m), and about R73 000 from his Capitec bank account.
His personal items and art are estimated to be worth R750 000.
There are no listed properties in the estate.
Creditors listed include two individuals, one named Dorette and another named Karin van Heerden, who are owed a total of R887 972 by Jooste. He also owes money to institutions such as the South African Revenue Service, the FSCA, and the JSE.
The exact amount owed to creditors by Jooste is not specified, only that it is disputed.
A day before Jooste reportedly committed suicide on 21 March, the FSCA imposed a penalty of R475m on him for making or publishing false, misleading, or deceptive statements about Steinhoff International Holdings Limited and Steinhoff International Holdings.
The penalty was in addition to the reduced fine of R20m, plus interest, imposed on Jooste in December 2022 for insider trading. The original fine of R162m, also for contraventions of the Financial Markets Act, was set aside by the Financial Services Tribunal in December 2021.
And then there are the two fines totalling R15m imposed on Jooste by the JSE in January 2023.
The trustees of the family trust are Gary Harlow, Rian du Plessis, and Jooste’s son Michael.
In an interview, Louis van Vuren, the chief executive of the Fiduciary Institute of Southern Africa, told Moonstone that the trust assets usually have nothing to do with the reading of the will, because these assets do not form part of the deceased estate, except any outstanding loan under which the trust is indebted to the deceased.
“Of course, anybody can lodge a claim against a deceased estate, and the executor will then have to decide whether to allow the claim or not. Watch this space: there may be interesting litigation about what claims the executor accepts and what not,” Van Vuuren said.
I feel Odendaal is been unfairly punished. Guilty by association.
Been punished for his crimes .
It has not been proven that she gained anything unlawful or by illegal means.Thus should be allowed a fair shake off the tree.
And be given reasonable financial compensation .
I don’t think all the pensioners who took a know because of him would agree with you . Her gain from him is actually their loss through The Steinhoff fund falsifying information. This is how white collar criminals get away .
Nonsense, her luxurious lifestyle has been financed by her lover Jooste with illegally gained money at the loss of thousands of investors!
I agree 100% Casper
Hows the 1st person to comment,are you stupid? He ripped of millions of pensioners and investors off in a fraudulent manner, the money is illegitimate and doesnt belong to her, ill gotten gains, she must go to jail as,well as lose all the money she obviously knew tbe fraud he was commiting, she should fo to jail.Self serving bitch.
You are100% correct!
Give us a break! Who, with Odendaal’s skills set (whatever they include) in such a short time could accumulate such wealth and not for a single moment suspect there is nothing untoward about it?
Rather spare a thought for the honest hard-working folk who had to lose for these selfish and ego-driven gains!
Why and where does this accepted culture that blatant abuse (including beneficiaries) should be condoned? No amount of legal jargon should disguise blatant intention.
Even common sense has limits!
When getting involved with Jooste, did Odendaal have any idea that his wealth was accumulated to a significant extent through flawed transactions and artificial valuations? I guess not. He even fooled Wiese.
That unfair, that’s what is called collective punishment/punishnent by association.
She did not know anything senister! she was just pasive.
I agree with you. My dad lost a considerable amount through Jooste’s bastardly stupid foolishness and deception,I doubt she knew though
Totally agree! The State is trying to punish someone using the national cognitive bias, that has committed no crime.
No court case where anybody was found guilty yet they can seize assets now why not the same with state capture, Escom etc??
You are mad..she derived a benefit from the proceeds of crime ala Jose’s fraud. If this was a black woman who benefitted from a corrupt husband who stole from the stole, you would not be so generous
One wonders if family members of the corrupt ANC leaders being charged for theft and corruption will be put in the same situation. I also believe that the lady in question has hidden plenty.
You sound like a beneficiary of some fraudulent acts and are trying to make yourself feel better.
When you lose money to fraudsters you will reflect and be more human before you make comments as if you live in planet Mars. No one I’d discriminating against her. Real victims are people who worked diligently to save, only for her to try and use legal loopholes to squander people’s money.
I’m even disgusted that the SARB gave her R150k/month in the first place. Thankfully someone saw the light and stopped this evil.
Before you make such dillusional comments, please go out and hear stories of victims.
She is no different to cash in transit criminals – would you feel sorry for those too?
🤣🤣🤣right only blacks are corrupt. She got all that money playing polo.
Don’t talk rubbish she was well aware what Jooste was doing the receiver of these goods is as guilty as Jooste Sies they were lovers so they definitely shared what was going on She should be jailed Don’t try and justify what she received it must ALL be taken by the government or whoever has the duty to confiscate Just another case of a woman or a man seeing money
What are you thinking, she did not earn the money nor buy the property on the estate.
This is money stolen from hard working people that invested in Steinhoff believing the biggest thief in SA . He was only interested in lining his own pockets and those of his family. Eventually his Lover would have been made to pay the money over into his bank accounts and the property would have been sold as well. She did not for work one day for the money that was paid into her bank accounts.
Being … Not been
You must be joking!! The financial paper trail, clearly indicates the money is from…’ill-gotten gain. How on Earth can that be unfair! What planet are you on, really!
Furthermore she is an accessory after the fact of the violation committed by being a monetary beneficiary, I would think.
I hope they follow the same procedure as explained in This writing/case …to ALL THIEVES …CORRUPT PEOPLE here in SOUTH AFRICA …not just this particular case. Marcus is %was not the only person doing this type or similar thieving. What’s sauce for the goose is sauce for the gander.
You are so absolutely right… 40 years ago my father’s house in district 6 and other land was stolen to make way for the morally corrupt. Any chance of me getting it back? I guess not.
Correct Norma the gigantic hypocrisy that is the SA National State that has expropriated and created many criminal beneficiaries are in exactly the same level of criminality. DO THEY NOT, OH VERY MUCH DO !!
I agree. What about Ecsponent who also mismanaged pensioner’s monies.
Proactive my foot. What about the Guptas that got away and the Phala Phala swept under the carpet., the cigarette smuggling?There are two sets of laws here. ” Some are more equal than others.”
Based on suspicion no conviction or any law, funds forfeit to the NRF?
How is this permitted?
Where to from the NRF? The State?
What about the shareholders who are contributors to the millions or perhaps billions forfeit?
I am/was a Steinhoff shareholder …… where is my share of the share monies I lost?
Exactly…. The State gets the money. How ridiculous is that? It needs to be given back to whomever it was stolen from. First Jooste os the thief and then it’s the State!
I also don’t understand how seizes assets go to NRF and not back to the people the money was stolen from!!
The money was not stolen from the NRF!!!! Why must government benefit from other people’s loss??
I agree a DITTO. I’m not sure what to expect next but how can stolen monies be justifiable stolen twice.
Secondly none of the above comments make mention of what is going to happen in the Court of God “JUDGEMENT DAY”.
Sad to hear that it’s all about what or what not supposed to happen to everyone in the CABAL. Remember KARMA is making its way back to the perpetrators who thought nothing of destroying my parents houses in Paarl CBD back in the 60’s and handsomely benefitted from their actions. So I strongly believe GOD is 100% fair and I’m actually waiting on lot of them or their children or grandchildren to pick up the gun and shoot themselves. As the tears in my parents eyes ain’t dry yet
Agree with you 100%
Seems like a bleak future for Odendaal. Can’t help but feel some sympathy for her
So where are these amazing regulations in the case of Ramaphosa and his USD millions in the couch. That’s a breach of exchange control. And, where were these regulations and rights in the case of the various Guptas.
Exactly. Everyone is under this law, but the billions the politicians and their cronies stole is still with their families and friends. 2 sets of rules for some people. The biggest crook here is the government and justice department. All money must go back from where it was stolen.
Different strokes for different oks
OMG she actually had more money in her account than what his wife inherited… gut feel he was going to skip the country with her… guess it did not work out for her…
Crime is a one way street never lasts so is infidilety No one gains happiness at the expense of anothers
Twenty times more!
What a disgrace.
Not necessarily. He structured things in such a way that many assets would be protected under a trust.
If Odendaal had so much, then “Jooste Trust” has 10X that.
So someone needs to unlock what’s in the trust.
Still want to know if MJ is really dead🤔
The money goes to the State….. for them to plunder. There can’t be any satisfaction in pauperising Odendaal. To what end. Provide some form of gratuity. Not because she deserves it. Just humane.
When are they going to hold the chairman of the board accountable
From article: ‘According to Naidu, this action is not only about penalising the wrongdoers but also about redirecting the ill-gotten gains to Treasury, so they can be used for national developmen’……NATIONAL DEVELOPMENT?! Really? Yes, what about the shareholders/investors. State again stealing money!
What bothers me is that the Reserve bank is a ” Private Institution” with private shareholding to be deemed to have locus standi in this matter.
So where are all the brilliant legal brains to leave this unchallenged?
Something does not add up.
Lady, go and get a job like normal people and earn for your ridiculously high life. What you got was actually for his family, not his piece on the side that demanded everything she has through greed. Get a life.
This is not supposed to be about being self-righteous. A terrible precedent had been set by the Treasury. There are many people who have inherited money or received money without doing anything, so she has done nothing bad. There should be nothing wrong for a rich person to spoil someone else who makes them happy, and why should the beneficiary feel guilty or be deprived of what she received. She has done nothing wrong except to love someone and make them happy, and lets leave morality out of this.
Like how cash in transit men are just feeding their families right – the families must pretent they don’t know and enjoy ill-gotten proceeds?
The issue on this article is not about people being well off, it’s about knowing (which she knew very well) that all this money was stolen. But she cared nothing about demonstrating that she sympathized with victims.
Any decent human being will refuse to commit such a crime. It’s different when you are in the dark about the proceeds.
Have we become such a bad society that we lack even basic moral values ?
Totally disgusting to the core.
The money should be owing to those whom it was stolen from – quite plain and simple! Too much fake illegal jargon out there…
In big company like Steinhoff, was only Jooste guilty. I don’t think so. What is the real story? Did anyone ever asked Markus? It is easy to blame one man. The company was audited by professionals Price Water. In Steinhoff is not only one accountant, but several as well as debtors and creditors clerks. Most of these people have degrees. I personally believe this whole story have more criminals and that Markus Jooste was taken out.
The point that is being missed here is not about right or wrong, but about someone having to forfeit gifts that were given to her as an act of love by someone who loved her and whereby she probably knew nothing about his business interests or whatever he did. Let us keep morality out of this equation.
Let me use an analogy. If someone hangs out with a prostitute and pays her with money he received from illegitimate means, what has that got to do with the prostitute, she performed her services and should get duly rewarded. We cannot allow a situation where a state authority decides to take the money away from her just bcs the money she was given was acquired in a manner not considered to be a norm of society. Where does that leave her now and what is she suppised to do.
God skande om ander so te beroof dan leef hulle soos konings
And zuma still walking around and more than half of the corrupt party running our country . They get promotted for being corrupt. Wrong is wrong 10 rand or 100 mil .
What about the Guptas rewarding Zumas so with a Billion of stolen money?
When will that be taken away from him?
I don’t feel pitty ful for her. She knew he was a married man and I agree that she knew about the ill gotten money.
I agree that the investors should be given their money back. Did the people above backing her think about the families now left high and dry of the investors?
I think that these immoral people backing her should also be investigated.
I also feel that Jooste would’ve blown the whistle on others that gained ill gotten money in this matter. I don’t believe he took is own life. I believe that it was planned to keep him quiet not to implicate others that gained ill gotten money.
Lastly, what is going to happen now with all corrupt ANC (GOD forbid them ruling another term) also blatantly stealing from the poor? They must receive the same punishment!!! Is this not the same “Modus Operandi” by the ruling party? It’s definitely that.
They take money from the hardworking tax payers to bail out SOE’s to cover their fraudulent activities.
So I leave you with one question, don’t all honest tax payers feel that they are investing in a government that takes from them to pay for their high flying lives?
They should give her money as a retirement investment that nature’s at 50. I don’t think she was privy to the crime.
The people who lost the money must all claim against the estate.
That money can’t go into gov. coffers.
And left over back to Steinhoff.