Reports indicate that former Steinhoff CEO Markus Jooste has died by suicide

Former Steinhoff CEO Markus Jooste, aged 63, has reportedly died by suicide, according to reports emerging on Thursday, March 21, 2024.

The news comes following Jooste being handed a significant fine for his involvement in accounting fraud just a day prior.

South African police revealed that a 63-year-old man had died from a gunshot wound, with local media quickly identifying the deceased as Markus Jooste.

The incident occurred in Kwaaiwater, a suburb near Cape Town, where Jooste apparently succumbed to the injury while being transported to the hospital.

Colonel Andre Traut, a spokesperson for the Western Cape police, stated that an investigation had been launched into the circumstances surrounding Jooste’s death. However, Traut noted that foul play was not suspected at this time.

According to sources cited by South African broadcaster Newzroom Afrika, Jooste allegedly shot himself during an arrest. Similarly, the Financial Times reported that Jooste had died from a gunshot wound, as confirmed by individuals familiar with the situation.

The tragic event follows the Financial Sector Conduct Authority’s imposition of a hefty fine of 475 million rand ($25.2 million) on Jooste the day prior.

The fine was levied for the dissemination of false and misleading financial statements and reports during Jooste’s tenure at Steinhoff from 2014 to 2017.

Steinhoff’s financial troubles came to light in December 2017 when irregularities in its accounts were revealed, signaling the onset of an accounting scandal that rocked the retail giant.

Steinhoff, which owns major discount retailers in South Africa and Europe, including Pepkor and Pepco, faced near-collapse due to the repercussions of the fraud.