Steinhoff Ex-CEO's Investment Firm Hires Business Rescue Experts

(Bloomberg) -- Steinhoff International Holdings NV ex-Chief Executive Officer Markus Jooste’s personal investment company has hired two business-rescue practitioners as it embarks on an asset-sale to repay creditors.

Mayfair Holdings Pty Ltd. named Piers Marsden and Leslie Matuson of Johannesburg-based Matuson & Associates as directors, according to a statement by South Africa’s Companies and Intellectual Property Commission. Mayfair has been given until the end of the year by lenders to sell assets and pay back loans that were backed by Steinhoff shares, which have collapsed in value amid an accounting scandal.

Jooste quit as Steinhoff CEO and as a director of Mayfair in December. Stefan Potgieter, his son-in-law, remains on the board.

To contact the reporter on this story: Loni Prinsloo in Johannesburg at lprinsloo3@bloomberg.net.

To contact the editors responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net, John Bowker

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