Former Steinhoff CEO, Markus Jooste tragically ended his life, just a day following the imposition of a hefty fine amounting to R475 million by the Financial Sector Conduct Authority (FSCA).
The Western Cape police confirmed the unfortunate incident, registering an inquest case docket for a 63-year-old man who had sustained a fatal gunshot wound in Kwaaiwater, near Cape Town.
Although the authorities did not disclose the victim’s identity, sources have now revealed that Jooste took his own life amid an arrest.
Markus Jooste, once pivotal in elevating Steinhoff into a multinational retail giant, faced the significant fine for his involvement in accounting fraud spanning from 2014 to 2017.
The revelation of irregularities in Steinhoff’s financial statements in December 2017 initiated a cascade of events that nearly led to the collapse of the retail conglomerate.
The investigation found Jooste guilty of willfully publishing false information, aiming to deceive investors and lenders regarding Steinhoff’s financial health.
He was accused of fabricating transactions to inflate profits, misrepresenting the company’s financial stability.
Moreover, it was revealed that Jooste’s fraudulent activities escalated as the group approached its downfall. In June 2017, he concocted fictitious profits at Steinhoff’s subsidiary, Mattress Firm, masking the company’s actual losses.
The falsification of financial reports misled shareholders, lenders, and investors, painting a deceptive picture of Steinhoff’s performance and debt coverage.
Consequently, the true extent of the company’s financial troubles was concealed.
Jooste’s appointment with the authorities in Pretoria was scheduled for Friday morning, following which he would face a bail hearing in the Commercial Crimes Court.
Despite his cooperation with the investigation since 2018, Jooste made the tragic decision to end his life on Thursday afternoon, overlooking the coastal vistas near Hermanus Golf Course.
This unfortunate turn of events has brought a tragic end to the saga of Markus Jooste, once a prominent figure in the corporate landscape, leaving behind a legacy marred by deceit and financial misconduct.
