Steinhoff Scandal Can Cause the Horse Racing Industry to Blunder

It is not the first time this year that the horse racing industry finds themselves receiving attention again for the wrong reasons. During March of 2017, Adriaan van Vuuren, a Pretoria businessman and the owner of Triple Crown winner Abashiri, had taken his own life after he had a purportedly unraveled the Telkom fraud of half-a-billion rand.

Currently, ex CEO of Steinhoff, Markus Jooste was the target for the various reasons and also as the person who has supported horse racing with huge investments, has placed himself in the headline of Steinhoff news after the allegations of the accounting scandal surfaced. The results following after the Steinhoff scandal has caused the company’s share price to severely collapse accompanied with distressing effects impacting the pensions invested by the people of South Africa. This saga has caused the Public Servants Association (PSA) to call for a ban from January’s Sun Met if any of horses owned by Jooste should compete in the race.

The PSA has also requested Sun International to consider the Steinhoff events and reassess its participation in the race in order to protect the company brand and to compel the organizers in charge of the horse racing event to exclude Jooste’s horses. In 2016, Jooste’s mess with Coolmore Stud in Ireland leads to further clues and evidence that he was involved in the world’s most important races. The Steinhoff scandal has already caught social media attention with more than 40 posts where there are at least one of the topic of PSA intervention.

South Africa is also known for its huge percentage of unemployment. Markus Jooste deserves a part of recognition when it comes to creating jobs for them. But it is only a man with courage who will stand up for Jooste and his passion for horse racing, even after getting hit with criticism on his participation of racing events leading up to his huge investments to horse racing.