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"contents": "<span style=\"font-weight: 400;\">No date has been set for the start of Jooste’s proceedings, according to a statement on Thursday by the Oldenburg regional court, which didn’t identify any of the people. The case against two former Steinhoff executives, who worked in Germany, is set to begin on 3 May, it said.</span>\r\n\r\n<span style=\"font-weight: 400;\">It’s the first time Jooste is set to go on trial. He’s alleged to be the architect of the accounting scandal that engulfed retailer Steinhoff in late 2017, though he’s denied the allegations. The company has been battling to survive for almost five years since auditors refused to sign off on its accounts, leading to Jooste resigning, a dramatic share-price collapse and the start of police and regulatory investigations in both Europe and South Africa.</span>\r\n\r\n<span style=\"font-weight: 400;\">While German authorities haven’t yet officially identified any of the accused, a person familiar with the investigation previously said Jooste was among four people charged in Germany for accounting crimes. Thursday’s statement referred to the 61-year-old CEO of Steinhoff International Holdings, who held that position until the end of 2017.</span>\r\n<h4>Balance-sheet fraud</h4>\r\n<span style=\"font-weight: 400;\">Jooste didn’t immediately respond to a message sent outside of office hours to a mobile phone number he was most recently known to use. <em>News24</em> reported the details of the trial earlier on Thursday.</span>\r\n\r\n<span style=\"font-weight: 400;\">Jooste, two former Steinhoff executives and a fourth accused were charged in 2021 with balance-sheet fraud carried out between July 2011 and January 2015. The case was subsequently split in two to avoid delays due to the coronavirus pandemic.</span>\r\n\r\n<span style=\"font-weight: 400;\">As a litany of inflated profit and asset values emerged, the company has been forced to sell off a range of global retail assets to raise funds. It agreed earlier this year to start paying out €1.4-billion (about R25-billion) to investors who lost money.</span>\r\n\r\n<span style=\"font-weight: 400;\">The charges allege that fake proceeds from bogus transactions were booked at some of the group’s units. The deals made it seem that assets were sold to third parties, while they were in fact acquired by other companies close to the group, according to investigators.</span>\r\n\r\n<i><span style=\"font-weight: 400;\">Read in </span></i><span style=\"font-weight: 400;\">Daily Maverick</span><i><span style=\"font-weight: 400;\">: “</span></i><a href=\"https://www.dailymaverick.co.za/article/2022-10-25-markus-joostes-lover-berdine-odendaal-lives-off-steinhoff-riches-reserve-bank-suspects/\"><i><span style=\"font-weight: 400;\">Markus Jooste’s ‘lover’ Berdine Odendaal lives off Steinhoff riches, Reserve Bank suspects</span></i></a><i><span style=\"font-weight: 400;\">”</span></i>\r\n\r\n<span style=\"font-weight: 400;\">Artificial transactions were allegedly used to manipulate balance sheets by more than €1.5-billion. Additionally, the value of real estate assets was inflated by €820-million, prosecutors have said. While the charges cover a period from July 2011 to January 2015, a court threw out one count dating back to July 2011, saying it is barred by a statute of limitation.</span>\r\n\r\n<span style=\"font-weight: 400;\">The two German former employees are managing directors of Steinhoff Group companies and are listed as 63 and 51 years old. The fourth person is described as a 72-year-old trustee of a company in the British Virgin Islands and is said to have been guilty of aiding and abetting incorrect presentation in balance sheets in four cases. <strong>DM</strong></span>\r\n\r\n<em><span style=\"font-weight: 400;\">More stories like this are available on bloomberg.com</span></em>\r\n\r\n<span style=\"font-weight: 400;\">©2022 Bloomberg L.P.</span>",
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