Steinhoff Ex-CEO Set to Cash in After Making Deal With Banks
- Lenders give Jooste’s Mayfair until end of 2018 to sell assets
- Mayfair took out loans backed by Steinhoff stock before plunge
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Steinhoff International Holdings NV’s former Chief Executive Officer Markus Jooste has been thrown a lifeline by banks as the global retailer he oversaw for 18 years struggles to survive an accounting scandal that happened under his watch.
The 57-year-old’s personal investment company Mayfair Holdings Pty Ltd. has been given until the end of the year by lenders to sell as much as 2.08 billion rand ($167 million) in assets ranging from real estate to racehorses to repay almost 1.6 billion rand of defaulted loans, according to an agreement between Mayfair and its creditors seen by Bloomberg.