South African authorities revealed on Thursday that the 63-year-old man who died from an apparent suicide was Markus Jooste, the former chief executive of Steinhoff, as reported by local media.
Jooste played a significant role in Steinhoff’s growth from a small furniture business in Johannesburg to a multinational retail giant. The day before his death, Jooste was fined for his involvement in accounting fraud.
According to a police spokesperson, an investigation has been launched into the incident.
The 63-year-old man sustained a gunshot wound in Kwaaiwater, near Hermanus, and died while being transported to the hospital. The police stated that they are treating the case as a suicide and do not suspect foul play.
Reports from South African media suggested that Jooste shot himself during an arrest, while the Financial Times cited sources confirming his death from a gunshot wound. However, Reuters could not independently verify these reports.
In 2023, the Financial Sector Conduct Authority fined Jooste 475 million rand ($25.2 million) for publishing false and misleading financial statements for Steinhoff between 2014 and 2017.
Steinhoff’s financial irregularities were first revealed in December 2017, leading to a crisis for the retail group. Jooste resigned in 2017, claiming no knowledge of any accounting irregularities, and had been under investigation by South African police for fraud.