A day after he was fined R475 million by the Financial Sector Conduct Authority, former chief executive officer of furniture retailer Steinhoff allegedly shot himself in the head.
Pressure was mounting on 63-year-old Markus Jooste who told his wife on Thursday, 21 March 2024, at around 2pm that he was going out for a walk.
Read: Gordhan annoyed over calls for SIU to investigate collapsed SAA deal
While he was out on his walk in Hermanus, reports state that Jooste then shot himself.
He was due to hand himself over to the Hawks the following day.
Jooste was said to have engaged in fraudulent activities including inflating profits and assets, off-balance-sheet deals, and fictitious transactions during his tenure at Steinhoff.
Read: FSCA fines Steinhoff’s Jooste R475 million for misleading info
Demise of company
His refusal to comply with internal investigations and resignation triggered a massive decline in Steinhoff’s value, leading to its demise in 2023.
Jooste and his CFO were directly implicated in widespread accounting irregularities, resulting in legal actions to recoup salaries and bonuses.
Allegations of insider trading and leveraging shares for personal gain further tainted his reputation.
