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‘Jooste And I Are Friends’ – Rian du Plessis

Denials that Markus Jooste is a Phumelela shareholder

For the first time since the Steinhoff scandal erupted in early December, a friend of Markus Jooste has answered questions about his relationship with the former Steinhoff CEO, who resigned under a cloud.

Phumelela CEO Rian du Plessis

Phumelela CEO Rian du Plessis

Rian du Plessis, CEO of Phumelela, explained to Netwerk 24 why he was appointed as a representative of Jooste’s family trust.

On Tuesday Netwerk 24 reported on the application made to the Cape High Court by the Mayfair Investment companies to have the arrangements  with their creditors formalised and made orders of the court.

In court papers, Mayfair Speculators was described as a company involved in throughbred breeding and racing, with direct and part ownership of approximately 400 horses.The company also has an interest in the French based Mayfair Speculators STET, which owns 100 horses.

The schedules for the creditors meeting held at the end of March, which were handed in as addendums to the court papers, show that Du Plessis represented various interests

  •  The Silver Oaks Trust, who has a subordinate claim of R108,7 million against Mayfair Holdings;
  • Pavilion Capital Investments Limited, who has a subordinate claim of  R420 million against Mayfair Holdings and
  • Formal Holdings, who has a subordinate claim of R867,5 million against Mayfair Speculators

Du Plessis, who is overseas, replied by email:

“Markus Jooste and I met in January 1979 as students at the University Of Stellenbosch. Our families have become close and personal friends.”

According to Du Plessis, Jooste had asked him to become a trustee of the Silver Oaks Trust.

Du Plessis said the trust had been established as a vehicle for the benefit of the Jooste family.

He was appointed as a trustee in February 2018.

He explained that the trust is the sole shareholder in Mayfair Holdings, who in turn was sole shareholder in Mayfair Speculators.

Go to Netwerk24 for more

Du Plessis said that the Mayfair companies had proposed a scheme of arrangement in terms of section 155 of the Compnies Act to their creditors in order to allow them sufficient time to dispose of their assets – including horses in training – in an orderly manner, so as to ensure that all creditors are paid in full.

“In my opinion, and in particular regard to the orderly disposal of the horses, this is the best outcome for all stakeholders in the South African racing industry, as well as for the animals themselves.”

Phumelela Gaming & Leisure is a listed company licenced to conduct racing and betting in seven of our nine provinces.

Markus Jooste

Jooste was a director from December 2005 to December 2017. After he resigned from Steinhoff, he also resigned as a director of other entities, including the Mayfair companies.

From 2006, Jooste held 1,8% or 1,3 million shares in Phumelela and increased his interest to 4,6% or 4,7 million shares, which he held indirectly, apparently through  Kalamojo Trading & Investments.

Kalamojo, a company who is owned by Jooste and Bernard Kantor, managing director of Investec, owned 9,4 million Phumelela shares (9,3%) at end March.

Du Plessis denied that Jooste is a shareholder in Phumelela.

He did not react to follow-up questions to clarify if he meant that Jooste is not a direct shareholder.

Pavilion, one the other companies represented by Du Plessis at the meeting with creditors, indicates a contact person in the agreement as Malcolm King.

King’s name has cropped up in reports over the past few months as a business associate of Jooste, but he cannot be traced.

Du Plessis said: “I met Malcolm King in 1999. We became personal friends in the 17 years that my family and I lived overseas.”

According to him, King is a director of Pavilion Capital Investments and Formal Holdings.

King is a British citizen.

“He could not attend the meeting and nominated me to vote on behalf of Formal and Pavilion  in favour of the proposed scheme of agreement.”

  • Thanks to Netwerk 24

Have Your Say

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The Sporting Post encourages allcomers to feel free to have their say in the spirit of enlightening the topic, the participants and the originator of the thread. However, if it is deemed to be either offensive, insulting, personal, false or possibly unsubstantiated, the Sporting Post shall, on it's own assessment, alter or remove comments.

17 comments on “‘Jooste And I Are Friends’ – Rian du Plessis

  1. Chris Swart says:

    Can we call a spade a spade Rian

    When a judge has to uphold the integrity of a court and there is the slightest conflict of interest he asks to be reclused or ordered to if unwilling.

    In this instance, your continued conflict of interest and being placed in a position where protection of someone that has brought the sport into high disrepute is undoubtedly in question

    A person with honour and integrity would resign without any hesitance.
    They would have done so on December 6.

    I’m not going to go into the many scandalous slights on the industry that you preside over
    You really should pack your bags and go

  2. Pat says:

    Markus Jooste and Jacob Zuma two of a kind. Talk about State Capture – this is Phumelela capture.
    Obviously most in ‘top brass” positions were put there for a reason and that includes the RA..

    1. Editor says:

      Just a note to please keep things civil on this emotive issue.

      The Sporting Post encourages allcomers to feel free to have their say in the spirit of enlightening the topic, the participants and the originator of the thread. However, if it is deemed to be either offensive, insulting, personal, false or possibly unsubstantiated, the Sporting Post shall, on it’s own accessment, alter or remove comments.

      1. Jurgs says:

        “The Sporting Post encourages allcomers to feel free to have their say in the spirit of enlightening the topic, the participants and the originator of the thread. However, if it is deemed to be either offensive, insulting, personal, false or possibly unsubstantiated, the Sporting Post shall, on it’s own accessment, alter or remove comments.”

        It is really disappointing to see that even if all these criteria are met, comments are not allowed. My latest post contains facts. If the reference to the Stellenbosch mafia was the offending particle, I suggest a quick google containing Stellenbosch Mafia Markus Jooste will be extremely enlightening

        1. Editor says:

          Hi Jurgs
          We are not looking to bin comments unecessarily as we enjoy the debate.
          Your opinions in the comment were regarded as personal and speculative – unsubstantiated conjecture really.

          You said – and edited by us:

          I can only say say (XXXX) must be the worst investor in the history of the stock exchange! The man buys parcels of shares at just the time that market sentiment is turning against Phumelela and wouldn’t you know, he pays above what the sell offers are. A perusal of SENS will confirm my observations…it would be interesting to get to the bottom of who is actually purchasing these shares. The little matter of shares being used as securities may be something that interested parties could look into. Anyone ever heard of Lotus Good Investments Inc? Google offers very little information in this regard. Lotus has however been very active in supporting the Phumelela price and from November 2017 have purchased in excess of R13M of Phumelela shares while XXXX either in his name or in his family trust has sold off some tidy amounts too. Nice work if you have an uncle in the Stellenbosch mafia!

          1. Jurgs says:

            Mr editor we will respectfully agree to disagree.

            I suggest you do some research in share “support” the nice way of describing it, more commonly known as propping up the share price. The information I write about is open for public consumption and appears in the SENS releases.

            The question I pose is why would anyone want to pay a premium on a share unless the entire purpose is to create a false value?

            Theres no conjecture there!

  3. Ian Jayes says:

    I don’t think there is any doubt in anyone’s mind that Markus Jooste cronies find themselves in various positions in Phumelela, the RA, the Racing Trust.and the Head Executive of the HRA. Riaan Du Plessis is an interesting case, as by his own admission he has very little knowledge of horseracing. Like the Nedbank ad: It makes you think, doesn’t it. They say you can be judged as much by your enemies as by your friends. I’m happy to have it that way..

  4. Space Invader says:

    Dear Mr du Plessis,

    You have shown the corporate world that they should not accept your word without first investigating it fully.

    Stating that “Jooste and I are friends”, must be the most shameless understatement and misrepresentation ever made by a CEO of a public company.

    Considering the media reports of your involvement with Jooste, everyone and anyone can see can see that you are more than friends with Jooste.

    You are working to benefit Jooste. As a trustee of the trust which owns Mayfair Holdings and which in turn owns Mayfair Speculators you put Jooste in control of these companies by making or agreeing to him being a director. Whatever Jooste did, he did to benefit himself through the trust. You are paid fees to administer the trust as a trustee. When Absa states in court documents that a fraud was perpetrated by Jooste and Potgieter for Mayfair, you are indirectly implicated. You need to step down.

    You can no longer hide behind friendships. Jooste pulls your strings and we all know it.

  5. Brett Maselle says:

    At the NHA AGM in January 2015, Rian Du Plessis had the temerity to make a broad statement directed at me and others to come clean with our hidden agenda’s.

    I wrote to the NHA Chief Executive at the time and informed himt hat “…. I was most amused by the ridiculous and preposterous comments of Mr Du Plessis at the AGM. He needs to think before he speaks. His outlandish comments have spurred me on. So, please reserve the name “Hidden Agenda” for me. In the future, I wish to call one of my horses the said name……”

    Next time you see the horse Hidden Agenda carded and running, you will witness my hidden agenda.

    Given the content of this article, I request Mr Du Plessis to kindly inform us if he and Markus Jooste have a hidden agenda? It appears so to me.

    This is the same Rian Du Plessis of Phumelela who informed the NHA that it had no jurisdiction over him and refused to attend an enquiry when the inquiry panel requested him to do so. The NHA sat back and did nothing in this regard. I know who runs the show and it is certainly not the NHA.

  6. Sean says:

    Jooste was a director from December 2005 to December 2017. Gee, I hate to think what went on behind closed doors! Sorry, but trying to undertstand the sequence of events. So, if my memory serves me correct, Mayfair Speculators declaring a dividend in specie of R1.5 billion in August to its parent company, Mayfair Holdings. Basically moving assets!

    He was appointed as a trustee in February 2018. The Silver Oaks Trust, who has a subordinate claim of R108,7 million against Mayfair Holdings;Du Plessis said the trust had been established as a vehicle for the benefit of the Jooste family. If these sequence of events are correct, surely this should have raised red flags and be seen as unethical? Or am I missing something.

  7. It should now be plain to all after the statement of ”friendship” made by Rian, that Phumelela needs a clean up immediately!!!!!!
    Other than Jooste, there are certain gentleman mentioned in The Presidents Keepers that carry on racing their expensive horses (and winning races) as if nothing has happened? Rian, as you also “friends” with these guys?
    How long has money laundering (in horse racing) been going on?
    And all we the punter gets is ”smoke & mirrors”!!

  8. Rian says:

    Thx Ed for reminding us that this is an emotive issue and has been allowed to drag on by forming this and that!!!!!!
    This abhorrent behavior shown by certain individuals in the corridors of power and greed is inexcusable to say the least
    Good bye Du Plessis

  9. Charles Savage says:

    Secret ballot he’s out, show of hands he’s in…. What does that say about the voters?

  10. Michael Jacobs says:

    There are cronies of Jooste who will continue to defend him as he enriched them significantly. He bought their ailing companies for top dollar or appointed others to luctative positions in his companies or entities, thereby guaranteeing their loyalty and support. Steinhoff was saddled with the liability while these cronies pocketed the millions. Without naming anyone, prominent grey-haired racehorse owners, well-known racing colours, still blissfully racing without any shame.

  11. Leon smuts says:

    On the one hand I respect Mr Du Plessis for standing by his friend and their friendship openly despite the obvious criticism that it was always going to attract. On the flip side racing’s image is already severely tarnished and this association will fuel the flames further as far as detractors of the sport is concerned. Racing needs all the positives that it can get but the headlines keep churning out the opposite and I am afraid that history will show continued support for Mr Jooste to be very damaging for reputation and growth.

  12. WILLIAM MILKOVITCH says:

    Why would you want to be to friends, on a continuous basis, with the most greediest man in the history of South Africa (including Bophuthatswana) , Mr du Plessis?

  13. The Dark Duke says:

    Loyalty to a friend is a noble trait. Loyalty to a tainted fraudster is institutional suicide. Resign Rian do the right thing. Also please stop supporting the Phumelela share price artificially.

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