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South African billionaire Markus Jooste commits suicide after being fined 475 million rand ($25.2 million)

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South African billionaire Markus Jooste commits suicide after being fined 475 million rand ($25.2 million)

Former Steinhoff CEO Markus Jooste has committed suicide, a day after the Financial Sector Conduct Authority (FSCA) handed him a R475 million fine.

Police said an inquest case docket had been registered following the death of a 63-year-old man. They did not name the deceased.

“It is alleged that the victim sustained a gunshot wound at around 1520 (local time) at Kwaaiwater and succumbed to death on his way to hospital,” Western Cape police spokesperson Colonel Andre Traut said in a statement, referring to a suburb of the coastal town of Hermanus near Cape Town.

Traut said police were investigating the circumstances, adding that no foul play was suspected.

South African broadcaster Newzroom Afrika has now cited sources who confirmed Jooste shot himself during an arrest. The Financial Times said Jooste died of a gunshot wound, according to people with knowledge of the matter.

Jooste, who was instrumental in transforming Steinhoff from a small Johannesburg furniture outfit into a multinational retailer, was handed a hefty fine for accounting fraud on Wednesday, March 20.

He was fined 475 million rand ($25.2 million) on Wednesday for publishing false and misleading Steinhoff annual financial statements and annual reports for the 2014 to 2016 years and the 2017 half-year.

Steinhoff revealed holes in its accounts in December 2017, the first sign of an accounting fraud that led to the near-collapse of the retail group, which is the majority owner of South African and European discount retailers Pepkor and Pepco.

However, an investigation revealed that Jooste contravened section 81(1)(a) and (b) of the Financial Markets Act, 19 of 2012 (the FMA). It was stated that he willfully published false information designed to mislead investors in the company’s shares and bankers who loaned Steinhoff hundreds of billions of rand.

For instance, in December 2016, Jooste “created…..transactions which had no economic substance” that inflated Steinhoff Europe’s operating profit by R5.4bn (Euro 271.3m). According to the regulatory body this involved creating profit from thin air, which was “either disguised as receivables that were not recoverable or as cash equivalents that were similarly not recoverable.”

The report lists numerous frauds and the magically created profit line that was never real, which resulted in financial statements that told shareholders and bankers that Steinhoff’s hefty debt was well covered by R57bn in cash (EUR 2.87bn). Once Jooste’s creative accounting was stripped out, however, the true cash holding according to the FSCA was a relatively modest R13.6bn (EUR 684m). So in contrast to its officially published accounts, the corporation was actually drowning in debt long before the December 2017 expose’.

Significantly, this long-time deception escalated towards the end. In June 2017, six months before the group imploded, the FSCA said at the stroke of a pen, Jooste created a net income of R1.6bn “that had no economic substance” at Steinhoff’s recently acquired US subsidiary, Mattress Firm. His fraud transformed that company’s reported bottom line from an actual R1bn loss into a stated profit of R600m.

The FSCA investigation says Steinhoff’s financial reporting was “deceptive in the extreme……..that led to investors, lenders and other creditors having false and misleading information…overvaluing Steinhoff International’s performance and/or the recoverability of their investment or loan.”

The Steinhoff International securities were listed on the Johannesburg Stock Exchange (the JSE) and the Frankfurt Stock Exchange (the FSE) at the time of the incident.

On Wednesday afternoon, Jooste was officially notified to present himself in Pretoria on Friday morning to the Directorate for Priority Crime Investigation, commonly known as the Hawks. He would then appear in the Commercial Crimes Court for a bail hearing.

Jooste had agreed to comply, as he had done throughout an investigation which goes back to 2018. He had handed his passport to his attorney and repeatedly told the authorities he would not leave the country.

He was booked on a flight from Cape Town to Johannesburg on Thursday evening to fulfil the commitment to hand himself over. But instead, at around 4pm, he decided to take his own life on a coastal path near the sea opposite the Hermanus Golf Course. He was pronounced dead at the local hospital.

South African billionaire Markus Jooste commits suicide after being fined 475 million rand ($25.2 million)

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China accuses Biden of tariffs hike on electric cars

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China accuses Biden of tariffs hike on electric cars

China accuses Biden of tariffs hike on electric cars

China has accused U.S. President Joe Biden of slapping new tariffs on Beijing as part of his re-election campaign and threatened retaliation.

“The U.S. should immediately correct its wrong practices and cancel the additional tariffs imposed on China,’’ a statement from the Beijing Ministry of Commerce said.

China would “take resolute measures to defend its own rights and interests after the U.S. decided to take this step due to domestic political considerations.’’

The U.S. is increasing tariffs on electric cars from China from 25 per cent to 100 per cent as part of a crackdown on Chinese imports, with solar cells, semiconductors.

Harbour cranes and certain medical products were also affected.

The official Chinese state news agency Xinhua added.

“The newly announced tariff increase is mainly a symbolic gesture by which the Biden administration is trying to play tough with China amid the increasingly fierce election campaign for the presidential candidacy.’’

The current tariffs, which were first introduced by former U.S. president and current Biden challenger Donald Trump in 2018 and have now been increased by the Biden administration.

The Biden administration already effectively kept Chinese vehicles out of the U.S. car market.

The Chinese state broadcaster CCTV spoke of an abuse of trade protectionist measured by the U.S. which would seriously hinder the modernisation of the U.S. car industry.

Negative effects are also to be expected for consumers, CCTV said, adding that the moves would also undermine global efforts to combat climate change.

The U.S. presidential election is coming up in November.

China accuses Biden of tariffs hike on electric cars

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Man strapped with explosive found in a Nigerian Bank in Plateau

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Man strapped with explosive found in a Nigerian Bank in Plateau

Man strapped with explosive found in a Nigerian Bank in Plateau

By: Zagazola Makama 

A middle aged  man is reportedly found in a Nigerian Bank in Dadin Kowa town in Jos South in Plateau state with belts packed with what appeared to be a Person Borne Improvised Explosive Device(SPBIED).

It was gathered that he was apprehended  on May 13, 2024, when the suspect was found with an apparent bomb strapped to his body to detonate at the Bank. 

Intelligence sources told Zagazola Makama, a Counter Insurgency Expert and Security Analyst in the Lake Chad region that the vigilante Security at the bank prevented the  attack after they spotted the suspects. 

They immediately apprehended him before he could achieve his aim. The suspect was later surrounded by an angry mob who demanded that he should be killed immediately. 

It is, however, not clear if the suspect is linked with the Islamic State of the West African Province or Boko Haram. He was taken to the Police station where he was undergoing investigation.

Man strapped with explosive found in a Nigerian Bank in Plateau

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Islamic Cleric Adamu Calls for Ban of GMOs in Nigeria

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Islamic Cleric Adamu Calls for Ban of GMOs in Nigeria

Islamic Cleric Adamu Calls for Ban of GMOs in Nigeria

In recent times, the debate surrounding genetically modified organisms (GMOs) has sparked controversy and ethical concerns worldwide. Sheikh Kabiru Adamu, a prominent figure from the al-Hikma Islamic Foundation for Justice, has taken a firm stance against GMOs, calling for their prohibition in Nigeria. Citing religious beliefs and ethical considerations, Sheikh Adamu asserts that GMOs go against the teachings of Islam and the will of Allah.

Quoting from the Quran to support his position, Sheikh Adamu emphasized the importance of preserving nature and adhering to the natural order ordained by Allah. In Surah Ar-Rum, verse 30:41, the Quran states, “Corruption has appeared throughout the land and sea by [reason of] what the hands of people have earned so He may let them taste part of [the consequence of] what they have done that perhaps they will return [to righteousness].” Sheikh Adamu interprets this verse as a warning against tampering with the natural world, as GMOs are seen as a form of corruption that disrupts the balance of nature.

Furthermore, Sheikh Adamu labels GMOs as “Haram” in Islam, meaning forbidden or unlawful. Quoting from Surah Al-Ma’idah, verse 5:90, which states, “O you who have believed, indeed, intoxicants, gambling, [sacrificing on] stone alters [to other than Allah], and divining arrows are but defilement from the work of Satan, so avoid it that you may be successful.” He draws parallels between the prohibition of intoxicants and GMOs, suggesting that both are deemed impure and contrary to the teachings of Islam.

Sheikh Adamu goes on to criticize agencies that advocate for the use of GMOs, accusing them of serving the interests of malevolent forces. Drawing on Quranic teachings regarding the influence of evil, he references Surah Al-Baqarah, verse 2:268: “The devil promises you poverty and orders you to immorality, while Allah promises you forgiveness from Him and bounty. And Allah is all-Encompassing and Knowing.” Sheikh Adamu suggests that the promotion of GMOs by certain entities is a manifestation of the devil’s deception, aimed at harming Muslim communities and undermining their well-being.

Moreover, Sheikh Adamu raised concerns about the alleged intentions behind the development of GMOs, asserting that they are designed to diminish Muslim populations, particularly in the Northern regions of Nigeria. Quoting from Surah Al-Anfal, verse 8:30, “And [remember, O Muhammad], when those who disbelieved plotted against you to restrain you or kill you or evict you [from Makkah]. But they plan, and Allah plans. And Allah is the best of planners.” He warns against the hidden agenda of those promoting GMOs, suggesting that their ultimate goal is to weaken Muslim communities and disrupt the natural order established by Allah.

Sheikh Kabiru Adamu’s call for a ban on GMOs in Nigeria reflects a deeply rooted concern for the ethical implications of tampering with nature and the potential harm posed to Muslim communities. By invoking Quranic verses and teachings, he highlighted the importance of upholding Islamic values and principles in the face of technological advancements that may conflict with religious beliefs.

Islamic Cleric Adamu Calls for Ban of GMOs in Nigeria

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