The South African Reserve Bank has seized assets belonging to the estate of former Steinhoff chief executive Markus Jooste, who took his life in March last year.
SARB Deputy Governor Fundi Tshazibana published the Notice and Order of Forfeiture in Government Gazette No. 53510 on 15 October.
The SARB obtained a High Court order in October 2022 to attach Jooste’s assets, based on suspected contraventions of the Exchange Control Regulations.
The attachments covered Jooste personally, the Silveroak Trust (formerly Markus Jooste Kindertrust), and Lanzerac Estate Investments (Pty) Ltd. The attachments included art valued at R98.8 million, other financial assets at R1.21 billion, and loans receivable at R131.1m from the trust. Personal items encompassed jewellery, paintings, and firearms worth R795 400, movable goods at Jooste’s Hermanus home and Lanzerac wine farm in Stellenbosch, and five motor vehicles.
Tshazibana, acting in terms of the Exchange Control Regulations, declared the five vehicles forfeited to the state: a Mercedes Benz SL600, a realisable value of about R434 300; a Land Rover Defender 110 (about R350 000); a Volkswagen Kombi VN 750 (about R344 100); a Lexus LX570 (about R293 600); and an Isuzu KB 300TDI 4×4 LX Double Cab pick-up (R81 200) – total value of R1 503 200.
The SARB also seized the personal items in the attachment order, bringing the total value of the forfeited assets to R2 298 600.
The Notice states the items shall be realised in such manner as the SARB may deem fit, and the proceeds shall be deposited into the National Revenue Fund.
In April last year, the Bank seized assets belonging to Berdine Odendaal, who was allegedly Jooste’s lover. It seized cash held in Odendaal’s five accounts with Absa, Capitec, and Standard Bank, amounting to R42m, and her R18m property in Paarl’s Val de Vie estate. The SARB 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.
Read: Legal precedent set as Odendaal’s assets forfeited in Steinhoff fraud battle
In October last year, SARB seized more than R67m belonging to former Steinhoff executive Stephanus (or Stéhan) Grobler, who has been charged with racketeering, fraud, the manipulation of financial statements, and failing to report fraudulent activities.
The assets comprised R66m in shares and loan accounts and R871 652.44 in a Momentum Wealth contract.
Read: SARB seizes over R67 million from former Steinhoff executive
Steinhoff is demanding that Grobler pay back nearly R300m he was paid in salaries, bonuses, and other incentives. Grobler, who worked for the group in various capacities for 19 years, is facing a demand of R238m from Steinhoff Africa Holdings, €1.3m from Steinhoff Europe Group Services, and €315 000 from Steinhoff Europe.
In July this year, the SARB and Ibex Investment Holdings, Steinhoff’s successor, reached a settlement agreement that ended their legal battle over R6.3bn that was declared forfeit to the state in July 2024.
As part of the settlement, the High Court in Pretoria – following an agreement between the parties – set aside prohibition orders that restricted Ibex’s ability to deal in certain shares in Pepkor, Africa’s largest retail group and the owner of brands such as PEP and Ackermans.
Read: SARB and Ibex Holdings reach settlement ending R6.3bn forfeiture dispute
And where is SARB Deputy Governor Fundi Tshazibana on the various South African politian’s suspended and not suspended walking the streets living in plush homes since 2009?
Indeed.
Yes, I wonder, will he be stripped clean to or is it that he is a darkie and not a whitey good question I hope that the tembiza hospital twatts get the se treatment.
Exactly including the State President and his stash of USD which is a blatant contravention of Exchange Control.
I’m confused that there’s such a lot of corruption in the government for many years including lots of politicians, but why are they still enjoying their wealth and cars and jobs and properties ? Is it the difference in colour now ?
Let’s hear the answer on that please.
It’s called broad based affirmative action