The liquidation hearing of Markus Jooste-owned Mayfair Speculators was postponed to next year, after Judge Siraj Desai ruled that the matter needs a full hearing, as it has far-reaching implications.
Court papers suggest that Mayfair Speculators owe three banks more than R1.2 billion. Absa claims R226 million, whilst Investec and Sanlam are owed R250 million and R800 million respectively.
Also read: Absa applies for Jooste-linked companys liquidation
These loans were secured by Mayfair Speculators holding of Steinhoff shares. The banks have now called up these loans after Steinhoffs shares fell from around R60 to less than R5 in recent weeks, following one of the largest ever corporate scandals in South Africa.
Judge Desai said the…
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