Markus Jooste

Markus Jooste
Born Markus Johannes Jooste
(1961-01-22) January 22, 1961
Pretoria
Residence Stellenbosch, South Africa
Nationality South African
Education Afrikaanse Hoër Seunskool (Affies)
Alma mater Stellenbosch University, University of Cape Town
Occupation Businessman
Net worth US$400 million (December 2016)[1]
Title Former CEO, Steinhoff International
Spouse(s) Ingrid Jooste
Children 3

Markus Johannes Jooste (born 22 January 1961)[2][3] is a South African businessman and the former CEO of Steinhoff International. He is an avid horse breeder, and in 2016 was reported to be one of Africa's richest people, worth $400 million.[1][4] Joining forces with Christo Wiese in 2014, they embarked on an aggressive international expansion programme.[5] Jooste's sudden resignation from Steinhoff on 5 December 2017 was followed by an involved and protracted controversy concerning Steinhoff's accounting practices in its Central European business dating back to 2016,[6] or even 2014.[7] The resulting uncertainty saw some €10 billion (R160 billion) of Steinhoff's value wiped off the markets in a matter of days,[6] with further losses as the situation unfolded.

Early life

Jooste's father was a postal worker and an avid horse race punter, instilling also in his son an interest in the races.[4][8] Jooste matriculated from Afrikaanse Hoër Seunskool in 1978.[9] Before the 2017 fallout in his business empire, he donated R10 million to the school's old-boys trust in his personal capacity. The donation has since been ring-fenced pending possible claims.[9]

He obtained a BAcc degree from Stellenbosch University in 1982,[10] and subsequently obtained an honours degree[11] at the University of Cape Town while completing his CA(SA) articles at a company then owned by Christo Wiese.[12]

Career

After training as a chartered accountant in his 20s,[11] he was appointed financial director of a publicly listed company. At age 27 he became the financial director of GommaGomma, where he met German entrepreneur Claas Daun, who coached him in business.[4] On his part, Jooste convinced Daun in 1998 to merge his business with that of Bruno Steinhoff in Europe, and to list Steinhoff International on the JSE.[13] Jooste and Daun acted as non-executive directors of Steinhoff International from 1988,[12][14] and Jooste became its CEO in 2000. In his role as CEO, he built the company through numerous acquisitions from a small furniture manufacturer to a large corporation in the furniture industry. Piet Ferreira, a former investment banker who joined Steinhoff in 2002, was instrumental in structuring its public offerings and complex acquisitions during his 15 year tenure.[15][16]

Notably, they acquired Conforama in 2011 for €1,207-million,[17] a deal that boosted revenues and growth.[18] 2014 through 2017 saw acquisitions in South Africa, the United Kingdom and United States,[19] which included Mattress Firm for $2.4bn,[20] and Poundland for £597m in depressed retail conditions.[21] Despite being partially funded with Steinhoff shares, the very large premium paid for Mattress Firm prompted scrutiny by independent analysts.[22] The financial press initially ascribed the growth in Jooste's empire to either good luck or fortuitous timing, but the dissenting voices grew silent as Steinhoff raked in 36% growth in its 2014/2015 reporting year.[8]

In March 2015 Steinhoff bought Pepkor from Wiese and his Brait holding company at R63 billion (then €4.8 billion), implying a very high p-e ratio of 37. After a failed merger with Shoprite in December 2016, Jooste and Wiese raised new capital in 2017 to split off Pepkor's South African division, a move received with some skepticism, as it was seen as a way to pay off Steinhoff’s South African debt.[23] The Pepkor acquisition also occurred without a cautionary announcement, raising suspicions at the FSB about possible insider trading leading up to the deal.[24] The split implied a 71% holding in new entity, Star, which managed more than 5,000 South African stores, more than any other retailer.[25]

On 4 December 2015 Steinhoff announced that Oldenburg authorities had carried out a 26 November raid on its European headquarters in Westerstede, Germany,[26] in order to review its balance sheet treatment of transfers to subsidiaries or third parties. Three days later, on 7 December, Steinhoff International Holdings transferred its primary listing from Johannesburg to Frankfurt, as, in Jooste's words, the majority of the firm’s stores, customers and revenues were in Europe.[27] Though describing it as "an important day in the history of Steinhoff", Jooste chose not to leave Cape Town to attend the event, citing "neck pain" which precluded travelling.[28]

Steinhoff's share price peaked at R90 a share in 2016, making it the 15th largest company listed on the Johannesburg exchange.[14] The conglomerate employed over 130,000 people on five continents, and had become the second-largest home goods retailer in Europe after Ikea. In 2017, while its stock was held by some 340 investment funds in South Africa, in part due to its low volatility,[14] its financial position began to worsen as its operating profit margin fell and net debt increased.[29] Its March 2017 accounts showed €3.1 billion in cash reserves,[30] and €18 billion ($21 billion) of exposure to creditors.[31]

Steinhoff limited its effective tax rate to between 8% and 12% for years, notwithstanding the company tax rate of 28% in South Africa, a fact pointed out as a red flag in the wake of the Steinhoff fallout.[22]

Manager Magazin revealed in August 2017 that Jooste was one of the managers being investigated in Germany.[29] Prosecutors suspected that inflated revenues in the hundred million Euro range may have been reported on the balance sheets of subsidiaries.[19] On 4 December 2017 Steinhoff Holdings disclosed that it would release unaudited annual statements, and the next day Jooste resigned his position as CEO amid allegations of fraud and corruption.[32] Soon after he also resigned from Phumelela Gaming & Leisure, Kenilworth Racing,[33] and Mayfair Speculators.[34]

Steinhoff scandal

Manager Magazin reported in August 2017 that Jooste was being investigated by German authorities.[32] In response Steinhoff's price slumped by 16% on the JSE, but recovered after the company denied the allegations.[19] This was followed by allegations of accounting impropriety made by Steinhoff's former POCO subsidiary.[12] Steve Booysen also alerted the board to possible accounting irregularities after engagements with Deloitte.[35]

Jooste's December 2017 resignation as CEO of Steinhoff came as the company admitted to "accounting irregularities" within the group,[36] and announced that it had approached PwC to conduct an investigation into these.[37] In a letter to staff on his resignation, Jooste apologized for "big mistakes" and that he had caused bad publicity for the company.[38] Viceroy Research immediately tweeted a link to its 37-page report which detailed how Steinhoff had allegedly used off-balance-sheet entities to obfuscate losses and inflate earnings.[39]

Between 5 and 7 December Steinhoff's share price plunged from R46.25 to R10,[34] and its bonds fell in line[31][30] as Moody's downgraded Steinhoff bonds from investment grade (Baa3) to junk (B1).[40][39] Christo Wiese's Upington Investment Holdings held over 30% of Steinhoff's stock and was the biggest loser in the collapse.[41] South Africa's PIC (holding 7%), Coronation and BlackRock all made multi-billion rand losses.[37][41][42][43] The European Central Bank sold its Steinhoff bonds after these had depreciated by 50%,[44] while JPMorgan, Bank of America, Citigroup and Goldman Sachs all reported substantial loan losses.[39][45] Lenders were owed over €9 billion ($10.6 billion),[46] but in June 2018 the majority were persuaded to a debt standstill[47] and insolvency was avoided.

It was soon labeled as the biggest corporate scandal in South African history[48] and the biggest corporate crash in the country's history.[49] As a result of Jooste's resignation, $11.4 billion was wiped off the value of the global furniture and clothing retailer.[50] This in turn had a ripple effect on several other companies, including its subsidiary Steinhoff Africa Retail (Star), which may have guaranteed some of Steinhoff's debt.[51] In seven days of trading, the Johannesburg exchange was hit by losses totaling about R295 billion ($24 billion), equivalent to 8% of South Africa's GDP.[51]

Steinhoff's share price dipped to R4.50 (down from R51.40 on 1 December) when the company's accumulated debt of R161 billion ($12.8 billion) was revealed.[52] By late December, Steinhoff shares were on the brink of collapse, as management could not ascertain the magnitude of accounting irregularities, or provide assurances concerning individual companies' cash flows.[53][54] Steinhoff however won approval to roll over €690m of its financing,[30] and its US subsidiary Mattress Firm secured a loan of $225m from Barclays.[20] Steinhoff also sold PSG shares worth R4.7 billion to increase liquidity.[55]

In the wake of the scandal media articles identified Jooste's supposed mistress[4] who occupied a luxury apartment in Bantry Bay.[56] Reports also revealed that his hard-nosed executive style earned him a nickname, "the seagull", as he would "fly in and shit all over his subordinates before flying out."[57]

Investigations and litigation

PwC was tasked with an investigation into possible accounting irregularities or non-compliance with laws and regulations, and resumption of audited statements were subject to its outcome. German prosecutors confirmed in December 2017 that they were still investigating four current and former managers of a group (identified in the German press as Steinhoff), for accounting fraud.[58] Steinhoff announced in February 2018 that they had submitted a report on Jooste to the Hawks on suspicion of fraud, for investigation and potential prosecution.[7]

Christo Wiese’s Titan Group instituted a claim of R59 billion ($4.8 billion) against the Steinhoff conglomerate to recover cash investments made in 2015 and 2016. The prospects of this claim are however complicated by the fact that Wiese had been Steinhoff director since 2013.[59] Wiese had a 22% shareholding in Steinhoff, the European component of which appears to have been subject to margin loans with different banks.[60]

In December 2017 Absa Bank and Investec Plc applied for the liquidation of Mayfair Speculators, when Mayfair's Steinhoff shares failed to provide sufficient collateral for its overdraft facilities.[61][34] Absa, who was owed R350 million, expressed suspicion about R1.5 billion of assets that were transferred as a dividend in specie to Mayfair's holding company in August 2017.[41] According to court documents, Mayfair owed Sanlam capital markets, Investec Plc and Absa more than R1.2 billion ($94 million) in total.[62] Mayfair disclosed liabilities of R1 billion and assets worth R350 million.[61] The Western Cape High Court postponed the banks' application,[34] and the lenders subsequently agreed to grant Mayfair extension until the end of 2018 to facilitate a favourable disposal of its real estate and racehorses.[63]

In June 2018, a Dutch shareholders association, VEB, filed for damages against Deloitte in Rotterdam, for their failure in vetting the accounts of retailer Steinhoff Int. NV. The association planned to hold the directors, company, accountants, and potentially the banks that promoted Steinhoff's listing, jointly responsible.[64]

The German raid of 2015 recovered documents supposedly signed by Andreas Seifert, co-managing director of furniture chain XXXLutz. Seifert denied ever having seen or signed the papers, and filed criminal charges for document forgery.[29] After filing additional lawsuits against Steinhoff in three countries, Seifert managed in April 2018 formalize his controlling stake in POCO, which Steinhoff disputed.[65]

Horse trainer and breeder

Jooste's racing silks

Jooste entered the horse racing industry in the 1990s with 250 horses, and became the second biggest horse-racing investor in Africa,[66] or perhaps the world.[8] Jooste and his son in law, Stefan Potgieter, manage their horse racing interests through Mayfair Speculators, a wholly owned subsidiary of Mayfair Holdings that was founded in 1987. In 2004 Jooste became a partner in Klawervlei Stud, together with Johan du Plessis, Danie van der Merwe and John Koster, and they chose the four-leaf clover as their emblem.[67] In the next decade other prominent investors joined the enterprise.[8]

Jooste's first horse, the stallion National Emblem, was bought for R100,000 in 1993 and became a champion.[12] Mayfair Speculators owned South Africa’s best racehorse, Legal Eagle, a six-time Grade 1 winner, and Edict Of Nantes, a dual Grade 1 winner. They were sold in December 2017 for R3.2 million and R9.9 million respectively.[66] In 2016, The Conglomerate won the Durban July as an outsider.[68]

Jooste, in various partnerships, was a regular buyer at racing sales. In 2014 he impressed with his buying power at Arqana's premium sale in Deauville. In 2015 he added 12 yearlings to his stables at Tattersalls Book One,[8] for a total of ₤4.3 million.[69] In September 2017, Mayfair acquired 9 yearlings at the yearling sale in county Kildare, Ireland for €2.3 million in total.[66] In partnership with MV Magnier, they bought a filly at Tattersalls for ₤1.68 million in October 2017.[70] In 2017 he was named Equus SA's racehorse owner of the year for the 10th time in a row.[71]

As of December 2017 Mayfair Speculators owned 350 horses in training, 100 mares for breeding,[66] a considerable property portfolio, a 49% share in Klawervlei horse-breeding farm at Bonnievale,[61] and Steinhoff shares which were used as collateral.[61] Mayfair Speculators was also a shareholder in Cape Thoroughbred Sales (CTS), of which Jooste was a director.[61]

Personal life

Jooste is married to Ingrid, and they have a son and two daughters.[1][72] He lives in Stellenbosch.[11]

References

  1. 1 2 3 "Markus Jooste". Forbes. Retrieved 14 December 2016.
  2. ↑ Styan, James-Brent (2018). Steinhoff en die Stellenbosse boys. LAPA Uitgewers. ISBN 9780799371635.
  3. ↑ "Markus Johannes JOOSTE – Personal Appointments (free information from Companies House)". companieshouse.gov.uk. Retrieved 17 December 2016.
  4. 1 2 3 4 "EXCLUSIVE: Markus Jooste, the blonde polo player and a room with a view". News24. Retrieved 2017-12-14.
  5. ↑ Ingham, Mark N; Hogg, Alec (26 September 2016). "Ingham's Incisive Insights: Mark Ingham assesses Steinhoff: Top SA entrepreneurs combine to make magic". fin24.com. Retrieved 15 June 2018.
  6. 1 2 Turner, Nick; Pfanner, Eric (14 December 2017). "Christo Wiese quits board as Steinhoff scandal deepens". fin24.com. Retrieved 13 June 2018.
  7. 1 2 Cronje, Jan (1 March 2018). "Steinhoff accounting scandal may date back to at least 2014 - reports". fin24.com. Retrieved 13 June 2018.
  8. 1 2 3 4 5 Goss, Mick (9 October 2015). "Who's Who In The Thoroughbred Zoo". Summerhill Stud. summerhill.co.za. Retrieved 25 December 2017.
  9. 1 2 de Wet, Phillip. "Steinhoff's Markus Jooste gave his old school R10 million, but no-one wants to touch it". businessinsider.co.za. Business Insider SA. Retrieved 13 June 2018.
  10. ↑ "Markus Johannes Jooste". Company Overview of Steinhoff Europe AG: Executive Profile. Bloomberg. Retrieved 13 June 2018.
  11. 1 2 3 "Markus Jooste - On losing bids, building Steinhoff and drawing inspiration. - BizNews.com". biznews.com. 3 June 2016. Retrieved 17 December 2016.
  12. 1 2 3 4 Schreuder, Nica (8 December 2017). "8 things you didn't know about former Steinhoff CEO Markus Jooste". Business. citizen.co.za. The Citizen. Retrieved 25 December 2017.
  13. ↑ Hogg, Alec (19 June 2015). "The Steinhoff story – revisiting the humble roots of today's R260bn giant". BizNews. biznews.com. Retrieved 27 December 2017.
  14. 1 2 3 Cairns, Patrick (6 December 2017). "The funds most exposed to Steinhoff". Moneyweb. moneyweb.co.za. Retrieved 27 December 2017.
  15. ↑ "ZXTWI - Change to Board of Directors: Appointment of Independent Non-executive Director". zarx.co.za. 3 July 2017. Retrieved 29 December 2017.
  16. ↑ Greig, Marylou (10 February 2017). "Individual DealMaker of the Year – 2016". moneyweb.co.za. Retrieved 29 December 2017.
  17. ↑ "Steinhoff shareholders approve Conforama deal". mg.co.za. Mail&Gardian. 14 March 2011. Retrieved 27 December 2017.
  18. ↑ Reuters (2012-03-06). "Steinhoff profit surges on Conforama buy". fin24. Retrieved 27 December 2017.
  19. 1 2 3 Bloomberg (27 August 2017). "Steinhoff rejects allegations of dishonesty in accounting". fin24.com. City Press. Retrieved 20 December 2017.
  20. 1 2 Laing, Robert (27 December 2017). "Steinhoff's US business secures $225m loan despite parent's woes". Companies / Retail. businesslive.co.za. BusinessDay. Retrieved 27 December 2017.
  21. ↑ Armstrong, Ashley; Yeomans, Jon (13 July 2016). "Poundland bought by South African group Steinhoff for £597m". Business. The Telegraph. Retrieved 27 December 2017.
  22. 1 2 van der Merwe, Marelise (24 Jul 2018). "Steinhoff may be 'the tip of the iceberg'". mg.co.za. Mail&Guardian. Retrieved 8 August 2018.
  23. ↑ Thomas, Stafford (25 May 2017). "Steinhoff: a giant raises its head". BusinessDay. Retrieved 15 June 2018.
  24. ↑ "Steinhoff, Brait share movements probed for insider trading". fin24.com. 25 June 2015. Retrieved 15 June 2018.
  25. ↑ Lerche, David (15 June 2018). "Star: the curse of an embarrassing parent". Moneyweb. Retrieved 15 June 2018.
  26. ↑ "Germany raids Steinhoff offices ahead of listing". fin24.com. 4 December 2015. Retrieved 8 August 2018.
  27. ↑ Cronje, Jan (8 December 2017). "A Steinhoff guide for dummies". fin24.com. Retrieved 20 December 2017.
  28. ↑ Dörnfelder, Andreas; Köhler, Peter. "Börsengang ohne Chef". handelsblatt.com. Handelsblatt. Retrieved 20 December 2017.
  29. 1 2 3 Schwarzer, Ursula; Clausen, Sven (24 August 2017). "Chef des Möbelherstellers Steinhoff im Visier der Justiz". manager-magazin.de. Manager Magazin. Retrieved 20 December 2017.
  30. 1 2 3 Casiraghi, Luca; Poh, Jacqueline (22 December 2017). "What investors want to know from Steinhoff". BusinessDay. businesslive.co.za. Retrieved 27 December 2017.
  31. 1 2 Bowker, John (11 December 2017). "Steinhoff hires advisers as Investec cites credit exposure". Business. timeslive.co.za. Sunday Times. Retrieved 27 December 2017.
  32. 1 2 "REVEALED: This is what Markus Jooste said to staff in personal letter | IOL Business Report". Retrieved December 5, 2017.
  33. ↑ "Jooste – So Many Questions". sportingpost.co.za. sportingpost. 16 December 2017. Retrieved 24 December 2017.
  34. 1 2 3 4 Ensor, Linda (22 December 2017). "High Court delays bid to liquidate assets of former Steinhoff boss". Business. timeslive.co.za. Sunday Times. Retrieved 25 December 2017.
  35. ↑ Crotty, Ann (21 April 2018). "Tension at Steinhoff AGM as shareholders' patience wears thin". BusinessDay. Retrieved 14 June 2018.
  36. ↑ "Steinhoff shares plunge after CEO Markus Jooste quits". Moneyweb. 2017-12-06. Retrieved 2017-12-14.
  37. 1 2 Groenewald, Yolandi; Brand-Jonker, Nellie (7 December 2017). "GEPF, trusts left bleeding as Steinhoff shares crash". fin24.com. Retrieved 15 June 2018.
  38. ↑ "Steinhoff's Markus Jooste admits he made 'some big mistakes'". Fin24. Retrieved 2017-12-14.
  39. 1 2 3 Melin, Anders; Farrell, Greg (18 January 2018). "Viceroy short seller who flagged Steinhoff irregularities steps forward". fin24.com. Bloomberg. Retrieved 14 June 2018.
  40. ↑ "Steinhoff woes mount as Moody's downgrades retailer by four notches". fin24.com. 8 December 2017. Retrieved 15 June 2018.
  41. 1 2 3 Thompson, Warren (11 January 2018). "How Markus Jooste took Christo Wiese for over R200 million". moneyweb.co.za. Moneyweb. Retrieved 13 June 2018.
  42. ↑ Cronje, Jan (11 January 2018). "Parliament gearing up for Steinhoff probe". fin24.com. Retrieved 13 June 2018.
  43. ↑ Brown, Justin (10 December 2017). "Steinhoff hits junk as R282bn in value is lost". fin24.com. City Press. Retrieved 14 June 2018.
  44. ↑ Cronje, Jan (9 January 2018). "Steinhoff shares down 18% on news that ECB sold its bonds". fin24.com. Retrieved 14 June 2018.
  45. ↑ Keller, Laura J. (17 January 2018). "Bank of America's $292m charge tied to Steinhoff turmoil". Bloomberg. fin24.com. Retrieved 14 June 2018.
  46. ↑ Bonorchis, Renee; Mkokeli, Sam; Prinsloo, Loni (10 July 2018). "Steinhoff bought forests linked to executives at inflated prices". TimesLive. Sunday Times. Retrieved 8 August 2018.
  47. ↑ Motsoeneng, Tiisetso (12 June 2018). "More creditors give Steinhoff breathing space". Moneyweb. Retrieved 14 June 2018.
  48. ↑ Schoeman, Aldi (10 December 2017). "Markus Jooste: High life, big fall". Fin24. City Press. Retrieved 2017-12-14.
  49. ↑ "How did the Boytjie lose his billions?". Retrieved 2017-12-14.
  50. ↑ "Steinhoff Fights for Survival as South Africa Joins Probes". Bloomberg.com. 2017-12-07. Retrieved 2017-12-14.
  51. 1 2 Cairns, Patrick (13 December 2017). "Steinhoff has cost investors almost R300 billion". Moneyweb. moneyweb.co.za. Retrieved 27 December 2017.
  52. ↑ Nombembe, Philani; Jordan, Bobby (23 December 2017). "Steinhoff probe out to corral Mark Jooste's bolted horse". timeslive.co.za. Sunday Times. Retrieved 24 December 2017.
  53. ↑ Tshandu, Palesa V. (23 December 2017). "Steinhoff shares strike near all-time low". Business. timeslive.co.za. Sunday Times. Retrieved 25 December 2017.
  54. ↑ "Steinhoff Flirts With Collapse as Stock Rout Worsens: Chart". bloomberg.com. Bloomberg. 20 December 2017. Retrieved 25 December 2017.
  55. ↑ Talevi, Giuletta (19 December 2017). "Steinhoff unable to give details of irregularities". Companies / Retail. businesslive.co.za. BusinessDay. Retrieved 27 December 2017.
  56. ↑ Van Zyl, Pieter (8 January 2018). "Chasing Markus Jooste's shadow in Hermanus". News24. Retrieved 13 June 2018.
  57. ↑ "The Seagull's Name Was Markus Jooste: Steinhoff And The 'Stellenbosch Mafia'". Huffington Post South Africa. 2017-12-12. Retrieved 2017-12-14.
  58. ↑ Cronje, Jan (7 December 2017). "German prosecutors still probing Steinhoff for possible accounts fraud". fin24.com. Retrieved 15 June 2018.
  59. ↑ Ziady, Hanna; Xolisa, Phillip (26 April 2018). "Christo Wiese to sue Steinhoff for R59bn — but Dutch law may not allow it". BusinessDay. Retrieved 13 June 2018.
  60. ↑ Steyn, Lisa (26 Jan 2018). "Focus shifts to Steinhoff's ex-chair Christo Wiese". mg.co.za. Mail&Guardian. Retrieved 8 August 2018.
  61. 1 2 3 4 5 Van Niekerk, Ryk (21 December 2017). "Absa applies for Jooste-linked company's liquidation". Moneyweb. Retrieved 21 December 2017.
  62. ↑ Bonorchis, Renee (21 December 2017). "Markus Jooste's troubles deepen – Lenders sue over racehorse company non-payment". BizNews. biznews.com. Retrieved 27 December 2017.
  63. ↑ Prinsloo, Loni; Bowker, John (25 April 2018). "Steinhoff's Markus Jooste thrown a lifeline by banks". BusinessDay. Retrieved 13 June 2018.
  64. ↑ Sterling, Toby. "Steinhoff's Dutch shareholders file lawsuit against Deloitte". moneyweb.co.za. Moneyweb. Retrieved 13 June 2018.
  65. ↑ Matussek, Karin; Simon, Zoltan (26 April 2018). "Seifert, ending a bitter dispute". BusinessDay. Retrieved 14 June 2018.
  66. 1 2 3 4 Speckman, Asha (17 December 2017). "Markus Jooste flogs his prize horses". Final Furlong. Sunday Times. Retrieved 21 December 2017.
  67. ↑ Thiselton, David. "Klawervlei on a High". Sean Tarry Racing Stables. seantarryracing.co.za. Retrieved 25 December 2017.
  68. ↑ ""Striker" gives first July victory to Ramsden and the Joostes". vodacomdurbanjuly.co.za. 5 July 2016. Retrieved 27 December 2017.
  69. ↑ "Jooste Spends Big At Tattersalls". sportingpost.co.za. sportingpost. 10 October 2015. Retrieved 27 December 2017.
  70. ↑ "Mayfair Speculators Hit Seven Figure Mark". sportingpost. sportingpost.co.za. Retrieved 27 December 2017.
  71. ↑ Thomas, Stafford (21 December 2017). "Jooste's horses: shutting the stable door..." businesslive.co.za. financialmail. Retrieved 27 December 2017.
  72. ↑ Mathew, Isabel (7 February 2016). "Big investor Jooste has grand plans for future". Racing Post. Retrieved 8 December 2017.
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