When is Mayfair going to stopped from Racing

Lyndon Barends of the NHA said it has disassociated itself from Jooste.

'Jooste's an outcast'

He said Mayfair Speculators, a horse racing firm where Jooste was until recently a director, is selling its horses and added that on Saturday Mayfair horses won't run in their own colours, but in club colours.

Only two or three Mayfair horses are expected to take part in the event. He explained that if the horses win anything the money will go to an earmarked account, and not to Mayfair, because ABSA has an injunction against Mayfair in place.

Markus Jooste's race horses will not run under his colours and he will not benefit from earnings at the Sun Met in Cape Town on Saturday.



National Horse Racing Authority chief executive Lyndon Barends said on Thursday that the organisation would distance itself from Jooste who stepped down as CEO of furniture retailer Steinhoff over an accounting scandal

Making the announcement at a media briefing in Cape Town‚ he was supported by the Public Servants Association (PSA) and the Federation of Unions South Africa (Fedusa).

Cosatu announced earlier this week that it would protest at the Sun Met horse race should any of Jooste's horses run‚ possibly placing the jobs of 3‚000 seasonal workers in jeopardy.

Jooste's horse-buying company‚ Mayfair Speculators‚ has been selling off some of South Africa's best thoroughbred racing horses since December after Absa approached the High Court to freeze the company's assets and liquidate it in order to recuperate R266-million.

Jooste is alleged to have used billions of rand in pension fund money to enrich himself through dubious accounting and business practices while he was CEO of Steinhoff.

Barends said only a few Mayfair Speculators horses would be racing on Saturday and the company would be allowed to trade in order to secure the jobs of jockeys‚ cleaners‚ and other workers.

He said that Jooste had resigned from the company and was no longer a member of the National Horse Racing Authority.

"The horses are not going to run under his colours‚ they will run under club colours. He will not benefit directly from any races‚" said Barends.

pirates wrote: He wont be alone soon as the vultures or is it the hawks are circling around 2 other big owners

That’s interesting indeed. Wonder if klein boetie is one of them ?

Deloitte would not sign off the 2017 financials... Fact
Jooste resigns when Deloitte refuses to sign off the companies financials.....Fact
There is an on-going investigation currently in Germany....Fact
Steinhoff have reported their former CEO to the Hawks....Fact
Round tripping non existing profits and hiding losses in off balance sheet entities.... to be proven but the evidence is all there
Various stakeholders lose more than R100 Billion rand....Fact (Hard hit is the PIC which accounts for mostly minimum wage earners)
Mayfair Horse Racing interests are moved out of Jooste's name before the bomb hits.... this will be proven to be illegal and also punishable by law

Mayfair horse racing interests are now run by his son in law and racing manager who are in the process of trying to recoup money for an outstanding loan to three banks that Christo Wiese signed surety for.
Legally can this happen? Probably unless other creditors challenge this as the initial surety was linked to the share price.
Morally should this happen? Definitely not, the horses should be sold immediately on auction and none should be allowed to partake in any races. I had hoped that the protest did happen on Met Day as the idea that crime is ok sickens me.
As far as those in horseracing are concerned I fail to see how or why there is "special privilege or protection"? It seems ok that thousands of people including those with very little must suffer the losses of over R100 billion and the R1 billion loan outstanding to three banks should be allowed to trade on.

It seems those who were happy to feed and fatten on ill gotten gains now seek time and assistance to wean themselves from the same teat that has soured until the next one comes along. All the while believing they have never been party to any crime, even indirectly, and maintain that they are the victims of success and failure due to these golden cows never allowing any subconscious thought of morality to keep them up at night.

Is presumption of innocence not a legal right of an accused

TX Mydada but I have no wish to exchange views with you when there is only a downside for me.

There is no doubt that many people and different organisations have lost
huge money
One point
Everyone says I lost for example R800m based on the share price of R80 per share
But they paid perhaps R40 per share [or maybe less] so they really only lost their investment
of R400m
So bought at R20 per share ,some got overpaid in shares for their business ie Tekkietown
But I would also oil my Martini Henry 1914 model if it was me that got caught

100% correct Elmer and in the world of share trading and investing these are the pitfalls and gambles however when there may be criminal deception to inflate the price this is a whole different story.

By the way, I sold my shares years ago when they went from R9 to R20 after that I couldn't understand the growth and stayed out, so no sour grapes from me.

Eisssssshhhhhhh................
As jy dom is moet jy slim wees!

I have always believed that I am not as smart as many people that I have had to deal with
in my business career
But I also know that I have more common sense than most of the so called
smart guys
Friend who works for a Fund asked me about Jooste a couple of years ago

Exactly what you say Tiger ' too good to be true' was my comment

When the biggest furniture retailer in Europe said they had a bad year their
mob grew 30%
Not possible

[quote="Tigershark"
It seems those who were happy to feed and fatten on ill gotten gains now seek time and assistance to wean themselves from the same teat that has soured until the next one comes along. All the while believing they have never been party to any crime, even indirectly, and maintain that they are the victims of success and failure due to these golden cows never allowing any subconscious thought of morality to keep them up at night.[/quote]
....exactly..... they firmly believe that their actions are sanctioned ....for the greater good of racing.... :blink: ....Jooste's total capture of racing was never going to be for any good at all....better he failed in the process..... than captured it totally....

....that teat is still feeding plenty.....that ex-bookmaker has spun many a tale to the banks to get more if they allow it to go on longer.....now rolling out the non placing 1st timers.....no stakes and no form....how is this going to get better as they carry on longer..... :S

Quite right Muthi, watch 1st race in Cape!!! Head on gives the clue.