By Lehlohonolo Lehana.
Former Steinhoff International Chief Executive Officer (CEO) Markus Jooste has died, this afternoon on a beach in Hermanus, Western Cape.
Fullview has learnt Jooste fatally shot himself after telling his wife he was going out for a walk and he was due to be arrested.
Western Cape police spokesperson, Lieutenant-Colonel Malcom Pojie, said the docket was opened by Hermanus SAPS.
“Police were activated to attend to a shooting incident at around 14.40 at Kwaaiwater Beach in Hermanus.
“The deceased succumbed to a fatal gunshot wound after arrival at a private hospital,” he said.
The news comes a day after the Financial Sector Conduct Authority (FSCA) fined Jooste R475 million.
The penalties issued on Wednesday against Jooste and Steinhoff’s former European finance chief, Dirk Schreiber, are for having made or published false, misleading or deceptive statements about Steinhoff International Holdings Limited and Steinhoff International Holdings NV, which they knew or ought reasonably to have known were false, misleading or deceptive. This included the omission of material facts.
The FSCA found that Jooste and Schreiber contravened the Financial Markets Act (FMA) in respect of Steinhoff International Holdings Ltd and Steinhoff International Holdings NV’s annual financial statements and annual reports for the 2014 to 2016 financial years, and the 2017 half-year.
The Steinhoff International securities were listed on the JSE and the Frankfurt Stock Exchange during this period.
Schreiber is serving a two and a half year prison sentence in Germany after a court there found him guilty of accounting violations and aiding credit fraud.
Germany issued an arrest warrant for Jooste after he was charged in the same case but failed to arrive in court to face trial.
Schreiber escaped an administrative penalty after entering into a leniency agreement with the financial watchdog.
The FSCA said the investigation into the business’s dealings is ongoing and also extends to other individuals, who it has not yet named.
Jooste resigned from Steinhoff at the end of 2017, triggering a near-collapse that wiped out R200 billion in pension fund money and other investments as investors realised its financial statements were manipulated.
He rose through the ranks of the business world with a combination of sharp intelligence, undeniable charisma, and an ambitious vision for the future.
His early career was marked by significant achievements in the South African corporate sector, leading him to the pinnacle of his profession as the CEO of Steinhoff International, a global retail conglomerate with operations across Europe, Africa, and Australasia.
The avid horse breeder in 2016 was reported to be one of Africa’s richest people, worth $400 million, according to Wikipedia.
Under Jooste’s leadership, Steinhoff experienced unprecedented growth, expanding its footprint through aggressive acquisitions and diversification strategies. His ability to navigate complex international markets and merge differing corporate cultures under the Steinhoff umbrella was widely regarded as a testament to his business acumen.
He died at the age of 63 and is survived by his wife Ingrid Jooste and their three children.