Why did SARB freeze assets belonging to Markus Jooste’s alleged ex-lover?

The South African Reserve Bank (SARB) has seized R42 million in cash a luxury house valued at R18 million from former Steinhoff CEO Markus Jooste‘s alleged ex-lover Berdine Odendaal.

Jooste was the mastermind behind the Steinhoff scandal, South Africa’s most prominent corporate fraud. Even though police can not confirm his death, Jooste reportedly committed suicide in Hermanus, Cape Town on 21 March.

SARB SEIZES ASSETS BELONGING TO MARKUS JOOSTE’S ALLEGED LOVER

According to IOL, Markus Jooste, who committed suicide just a day after the FSCA issued him a penalty of R475 million paid 12 loans to Berdine Odendaal over some time to the value of R60.5 million from his horse-racing business company called Mayfair Speculators.

In May 2021, the SARB placed a preservation order on the funds. This reportedly led to a court battle between Odendaal and the SARB over who owns these funds.

In 2023, the Western Cape High Court rejected Odendaal’s attempt to access the funds which were frozen by the Reserve Bank. It is alleged that the funds came from illicit Steinhoff money that Jooste channeled to the alleged mistress.

Odendaal filed a court application in February this year with the Supreme Court of Appeal (SCA), asking the SARB to give her R150 000 a month to cover her expenses.

In the court papers, Jooste’s alleged former lover said this is how she will spend the R150 000: 

• R70 000 to stabilise her polo ponies
• R10 000 a month for her beauty treatments, vitamins and make-up
• R5 000 for clothing
• R4000 for her domestic worker 

The preservation order was set to expire in just a few days. However, the reserve bank managed to freeze and forfeit the funds to the State before the date.

HERE ARE THE ITEMS THAT WERE SEIZED:

• A luxury house at the posh Val die Vie Estate in the Western Cape valued at R18 million
• An amount of R12 402 000 being capital standing to the credit of Odendaal, held with Absa Bank
• A whopping R26 580 000 being capital standing to the credit of Odendaal, held again with Absa
• An amount of R1 118 110 being capital standing to the credit of Odendaal, held at Capitec Bank
• Another amount of R998 015 being capital standing to the credit of Odendaal, held again in Capitec.
• An amount of R1 113 354 being capital standing to the credit of Odendaal, held in a Standard Bank account

Markus Jooste side piece is 22 years younger than him 👀. Dodgy old man. Her (Berdine Odendaal) money is being forfeited to the state. Sibonge @SAReserveBank pic.twitter.com/9MOem4qKzr

— Shandu (@BongiMbatha) April 23, 2024

FSCA ENTITLED TO RECOVER R475 MILLION

Shortly after Jooste’s death, the Financial Sector Conduct Authority (FSCA) confirmed that the death did not impact the R475 million penalty it issued. 

The FSCA had issued the disgraced former CEO an administrative penalty for contraventions of the Financial Markets Act (FMA) related to his reporting on the financial position of Steinhoff International.

The Authority said it will also continue to assist the Hawks and the National Prosecuting Authority (NPA) with any investigations they may have underway. 

“As the penalty on the late Mr Jooste in his personal capacity was already imposed at the time of his death, his passing does not impact on the penalty. 

“The FSCA is legally entitled to recover the penalty from the estate of the late Mr Jooste. Whether the Authority will claim against the estate will be decided at the appropriate time, considering all the relevant circumstances.”