Ex-Steinhoff CEO Markus Jooste Found Dead
Image source: Steinhoff’s former Chief Executive Markus Jooste has died. Image: File/ Mike Hutchings
Published by: Omphile Pule
Former Steinhoff CEO Markus Jooste passed away by suicide in Hermanus just a day before he was supposed to surrender to law enforcement authorities, according to reports from News24.
A close source revealed that Jooste, along with former Steinhoff company secretary and legal head Stéhan Grobler, were informed on Wednesday that they were required to present themselves to the Hawks on Friday.
On Thursday, Jooste informed his wife that he was going out for a walk. Meanwhile, she left to play golf. Tragically, during his walk, Jooste took his own life.
While the police confirmed a suicide in Hermanus between 14:40 and 15:20 on Thursday, they did not initially disclose Jooste’s identity. Lt-Col Malcolm Pojie stated that a 63-year-old man sustained a gunshot wound to the head and was taken to the hospital, where he passed away shortly after arrival. The police have opened an inquest docket for further investigation, with no suspicion of foul play at this stage.
Prior to this incident, the Financial Sector Conduct Authority (FSCA) had fined Jooste a hefty R475 million. The fine was imposed after an investigation found Jooste, along with Steinhoff’s former European finance chief, Dirk Schreiber, responsible for publishing misleading statements about Steinhoff International’s financial status from 2014 to 2017.
These false statements led investors to make decisions based on inaccurate information, resulting in substantial financial losses amounting to hundreds of billions of rand, affecting pension funds among other investments.
Jooste’s resignation from Steinhoff in 2017 triggered a near-collapse of the company, causing a loss of R200 billion in pension fund assets and other investments, as investors realized the financial statements had been manipulated.
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