Former Steinhoff CEO Markus Jooste Dies Following Historic Fine

Markus Jooste's suicide comes a day after a record fine for fraud, marking a tragic end to the Steinhoff scandal.

Former Steinhoff CEO Markus Jooste found dead from a self-inflicted gunshot wound near his home in Hermanus, South Africa.
Jooste's death follows a record fine imposed by South Africa’s Financial Sector Conduct Authority for his role in a fraud that led to Steinhoff’s collapse.
He was under investigation for years for accounting irregularities that led to the company’s liquidation, and was labeled the 'mastermind' behind the effort to conceal billions in financial losses.
Steinhoff, known as 'Africa’s IKEA,' collapsed in December 2017 after the revelation of accounting irregularities.
The FSCA stated that Jooste's death would not affect its investigation into the company, and it is legally entitled to recover the fine from his estate.