By: Natasha Archary

Former Steinhoff CEO, Markus Jooste is dead by apparent suicide, as confirmed by Western Cape police.
Jooste’s alleged suicide comes after being slapped with a R475 million penalty by the Financial Sector Conduct Authority (FSCA) on Wednesday, 20 March for manipulating the markets.
The 63-year-old allegedly inflated Steinhoff International’s profits by over R100 billion.
Jooste was accused of scamming several investors between 2011 and 2014, causing the multinational holding company, Steinhoff International which is dual-listed in Germany and South Africa to collapse.
In 2017, Steinhoff’s share price plunged by more than 95%, wiping out shareholder wealth worth tens of billions of rands.
The former CEO who was living in Germany is said to have shot himself in the head on Thursday, 21 March just as he was about to be arrested.
“Police were activated to attend to a shooting incident at Kwaaiwater Beach in Hermanus. The deceased succumbed to a fatal gunshot wound to the head shortly after arrival at a private hospital.
An inquest docket has been opened at Hermanus Police.
The incident happened at around 14h40.”
In January 2023, Markus Jooste was fined R15 million by the Johannesburg Stock Exchange (JSE), with a 20-year ban.
Jooste was slapped with two R7.5 million fines for his “mistakes and transgressions” at Steinhoff.
The JSE statement claims that Jooste contested their findings and disagreed with their judgments.
Markus Jooste was supposed to go on trial in Germany from 18 April to 14 June 2023, 5-years after he resigned as CEO.
The fraud charges against Jooste were brought against him by German authorities.
Also read: “Fake news!” Vivian Reddy is not dead, and says he is not biggest funder of MK Party



