Former Steinhoff CEO Markus Jooste Commits Suicide Ahead of Law Enforcement Summon

Former Steinhoff CEO, Markus Jooste, tragically died by suicide in the coastal town of Hermanus on Thursday. This incident occurred a day before he was instructed to surrender to law enforcement, a source with direct knowledge revealed.

On Wednesday, Jooste and former Steinhoff company secretary, Stéhan Grobler, were reportedly informed that they needed to present themselves to the Hawks on Friday.

On the fateful day, Jooste informed his wife that he was going out for a walk, while she went to play a round of golf. During his walk, Jooste took his own life.

The local police confirmed the suicide incident that took place between 14:40 and 15:20 in Hermanus. However, they did not initially disclose Jooste’s identity. Lieutenant-Colonel Malcolm Pojie stated that a 63-year-old man suffered a fatal gunshot wound to the head at the beach.

He was still alive when found, transported to the hospital, and passed away shortly after arrival. The Hermanus police initiated an inquest docket to delve into the matter, assuring that no foul play is suspected at this point.

Earlier on Wednesday, the Financial Sector Conduct Authority (FSCA) had fined Jooste a significant sum of R475 million. This penalty followed the discovery that Jooste and Steinhoff’s former European finance chief, Dirk Schreiber, were culpable for disseminating misleading information regarding Steinhoff International’s financial status spanning from 2014 to 2017.

Investors were led to make decisions based on false data, resulting in losses amounting to hundreds of billions of rands, notably affecting pension funds. Jooste’s resignation from Steinhoff towards the end of 2017 ignited a near-collapse, wiping out R200 billion in pension fund assets and other investments, as the manipulation of financial statements came to light.