Analyst and renowned South African journalist, Severin Nganba has linked the Jooste era to some of the activities of the Democratic Alliance, DA.
In an article widely circulated in the media across Africa, Nganba recalled how one of the leaders of the DA got an SUV gift from Jooste.
Revealed in the article titled DA ensnared in web of Jooste’s financial machination, Nganba said:
“In a shocking revelation that could upend South African politics, the Democratic Alliance (DA) finds itself entangled in the web spun by none other than the infamous South African businessman Markus Jooste. Once among the wealthiest figures on the continent, Jooste’s descent from grace is a tale of scandal, fraud, and betrayal.
“Markus Jooste, a name synonymous with corporate success, catapulted to fame as the CEO of Steinhoff International, amassing a fortune that made him one of the richest in Africa. His Midas touch in business seemed unerring until it all unravelled in a spectacular fashion.
“In 2017, the façade of Jooste’s empire began to crumble. December of that year marked his abrupt resignation from Steinhoff amidst admissions of “accounting irregularities.”
“The following investigations revealed a concerning lack of records, as personal electronic records crucial to the inquiry were found to have been destroyed. This event did not just mark a personal failure but was labeled as South Africa’s most significant corporate scandal and collapse in history.
“The tremors of Steinhoff’s collapse were felt far and wide, with the State Employees’ Pension Fund (GEPF) absorbing a massive hit. As reported by Times Live, the GEPF’s holdings plummeted from a staggering 24 billion rand to a mere fraction, incurring losses of around 18 billion rand—a devastating 1% of their total assets.
“This loss epitomizes the grave impact Jooste’s actions had on the hard-earned pensions of countless South Africans.
Fast forward to 2022, and the scales of justice began to tip. The South African Reserve Bank took decisive action, attaching billions of rand in assets linked to Jooste. According to Daily Maverick, these included his lavish properties and investments, such as the Lanzerac wine estate and an extensive art collection, under suspicion of exchange control violations.
“The scandal took on a political hue when the Democratic Alliance’s connections with Jooste surfaced. The political sphere was abuzz when it emerged that Mmusi Maimane, then-leader of the DA, was reportedly using a luxury SUV donated by Jooste. Beyond personal gifts, Jooste’s monetary contributions to the DA were significant, and these revelations came to light amidst the outcry of millions of South Africans who lost their retirement savings to Jooste’s schemes.
“In a dramatic turn of events, after Germany issued an arrest warrant for Jooste in 2023, it was rumoured that DA-affiliated companies-initiated collaboration with Jooste. This was speculated to be an effort to keep past financing schemes from surfacing in international probes, suggesting potential complicity in the wake of Jooste’s alleged suicide.
“The house of cards seemed to collapse when a letter surfaced during a raid on Jooste’s residence. Authored by John Steenhuisen, DA’s leader, it expressed gratitude for Jooste’s generous financial support to the party. This letter, now part of the investigation’s evidence, raises uncomfortable questions about the depth of Jooste’s involvement with the DA.
“The ongoing investigation paints a grim picture: The DA might have allegedly eliminated Jooste to prevent a damning testimony about their financial liaisons and their connections. The tendrils of Jooste’s scandalous activities, supported by external patronage potentially provided by the DA, suggest a complex network of deceit and corruption. In the face of these allegations, the DA finds itself in a precarious position, facing public scrutiny and the looming question: What else might emerge from the shadows of Jooste’s legacy?”