One of the men at the centre of the Steinhoff scandal may have to face a grilling from members of Parliament on Wednesday.
Former chief executive officer Markus Jooste is set to appear at Parliament in his first public appearance since the global retailer’s share price collapsed after accounting irregularities emerged last December.
Jooste is set to answer questions from a joint sitting of the finance and other committees this morning.
But an out-of-court settlement between his lawyers and Parliament last month means the questions will centre largely on whether gaps in the financial regulatory system played any role in the debacle.
Jooste will break his months-long silence today, but the big question is what he will say, and how much light will be shed on the actions that led to Steinhoff’s spectacular fall.
Jooste was summonsed by Parliament to appear last week alongside former CFO Ben la Grange, but challenged the subpoena, raising his right not to be compelled to give self-incriminating evidence that could jeopardise a fair trial.
Instead of giving an overview of the circumstances that led to Steinhoff’s share price plummeting, and answering related questions, Jooste will face questions about any “institutional flaws and challenges” in the financial regulatory framework that may have caused or given rise to” the collapse.
Jooste’s testimony is keenly awaited, not least because of the low profile he’s maintained since his resignation last December. But whether it will lift the lid on the intricacies of the scandal remains to be seen.