Big big mistakes

South Africa: Who is Markus Jooste, the financier who almost crashed its economy?

By Nyasha Bhobo

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Posted on May 11, 2023 11:50

Markus Jooste, the ex-CEO of Steinhoff International whose alleged financial misdeeds and subsequent resignation in 2017 wiped off $24bn of equity, equal to 8% of the country’s GDP, is a fugitive German prosecutors can’t easily lay their hands on.

A complex man whose business tentacles stretch from his native South Africa to Central Europe and North America, Jooste, 62, rose to prominence when he became the founding CEO of Steinhoff International, the ‘IKEA of Africa’.

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