SAICA suspends ex Steinhoff CEO Markus Jooste's membership

The suspension will be reevaluated after the finalisation of Jooste's disciplinary proceedings against him.

The South African Insitute of Chartered Accountants (SAICA) announced on Thursday 25 July that it has suspended former Steinhoff International CEO Markus Jooste’s membership “pending the finalisation of disciplinary proceedings against him”. 

SAICA’s board considered Jooste’s resignation, which he tendered in a letter from his lawyers on 14 June, at its meeting on 26 June and resolved not to accept it. The institute chose to instead suspend his membership in terms of SAICA’s by-laws and was conveyed as such to Jooste’s lawyers. 

The press release said that citing the reasons for his resignation, Jooste’s lawyers allege that the outcome of the proposed disciplinary inquiry against their client has been predetermined by the institute, following media reports in which SAICA CEO Freeman Nomvalo confirmed that the institute will be proceeding with a disciplinary inquiry against Jooste. 

SAICA has pointed out to the lawyers that Jooste can’t avoid the disciplinary inquiry that the institute has decided to initiate against Jooste, by handing in his resignation.