South African Billionaire, Markus Jooste Commits Suicide After Being Fined $25.2 Million

Former Steinhoff CEO, Markus Jooste has tragically taken his own life, just a day after receiving a hefty fine of R475 million from the Financial Sector Conduct Authority (FSCA).

Police authorities confirmed the death of a 63-year-old man through a gunshot wound in Kwaaiwater, a suburb near Cape Town’s Hermanus.

Although the authorities did not initially disclose the identity of the deceased, reports from Newzroom Afrika and The Financial Times later confirmed that the victim was indeed Markus Jooste.

“It is alleged that the victim sustained a gunshot wound at around 1520 (local time) at Kwaaiwater and succumbed to death on his way to hospital,” Western Cape police spokesperson Colonel Andre Traut said in a statement.

Traut added that the police were investigating the circumstances surrounding Jooste’s death, adding that no foul play was suspected.

South African broadcaster Newzroom Afrika cited sources who confirmed Jooste shot himself during an arrest.

The Financial Times said Jooste died of a gunshot wound, according to people with knowledge of the matter.

Jooste, recognized for his pivotal role in the expansion of Steinhoff from a modest furniture outfit to a global retail giant, faced severe consequences for his involvement in accounting fraud.

The FSCA imposed a substantial fine of 475 million rand ($25.2 million) upon Jooste for publishing false financial statements and reports from 2014 to 2017.

An investigation into Steinhoff’s accounts exposed various instances of fraudulent activities orchestrated by Jooste, resulting in inflated profits and misleading financial representations.

These deceptive practices ultimately led to a significant loss of investor trust and the near-collapse of the retail conglomerate.

Despite being notified to present himself before authorities in Pretoria, Jooste chose to end his life near the Hermanus Golf Course, shortly before his scheduled flight to Johannesburg.

The circumstances surrounding his death are still under investigation, but it’s evident that Jooste’s demise follows the unfolding of the accounting scandal that shook the financial markets and tarnished Steinhoff’s reputation.

KanyiDaily recalls that American actress, Kerry Washington had shared her painful journey with an eating disorder that made her contemplate about committing suicide.