September 5, 2018 / 10:37 AM / 19 days ago

Steinhoff's former CEO rues joint venture with Austrian businessman Seifert

CAPE TOWN, Sept 5 (Reuters) - Steinhoff’s former chief executive Markus Jooste told a parliamentary inquiry his main mistake during his tenure as the retailer battled an accounting scandal was agreeing to a joint venture with Austrian businessman Andreas Seifert.

Jooste said in his testimony that Steinhoff probably grew too quickly.

In April, the retailer agreed to sell a 50 percent stake in German furniture chain POCO to Seifert, settling a German lawsuit over ownership of the business.

Seifert claimed half-ownership of POCO, while Steinhoff had said he had to be bought out due to unspecified actions by his company, Seifert Enterprises.

Reporting by Tiisetso Motsoeneng; writing by James Macharia; editing by Jason Neely

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